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Benzinga
Benzinga
Business
Shivani Kumaresan

Toshiba Shareholders Vote Down Competing Proposals, Spin-Off Plan: Reuters

Toshiba TOSYY Toshiba Corp
  • Multinational conglomerate Toshiba Corp's (OTC:TOSYY) shareholders voted down buyout offers, leading to an uncertain future for the company.
  • The company's efforts to seek buyout offers and its plan to spin off Toshiba's devices unit failed to gain the required vote, Reuters reported.
  • The shareholder's rejection has left the company in limbo, with no end in scope for the battle between management and foreign activist hedge funds.
  • The report added that Toshiba's management has been under pressure from activist funds since it sold 600 billion yen ($5 billion) of stock to several foreign hedge funds in 2017.
  • Price Action: TOSYY shares closed at $19.55 on Wednesday.
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