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Benzinga
Benzinga
Technology
Anusuya Lahiri

Toshiba Director Looks To Support Buyout, Against Board Opposition

Toshiba TOSYY Satoshi Tsunakawa Goldman Sachs Singapore Toshiba Corp United States
  • Toshiba Corp (OTC:TOSYY) director American Raymond Zage locked horns with the board as he agreed to back a resolution that could lead to a potential buyout, Reuters reports
  • Zage, a former Goldman Sachs banker and hedge fund manager, looked to back the resolution at next week's extraordinary shareholder meeting.
  • Zage believed he was one of the top 100 shareholders in the company.
  • In March, Toshiba CEO Satoshi Tsunakawa abruptly resigned, possibly due to its spin-off plans fueling shareholder wrath. Tsunakawa, however, remained Chair of the board.
  • Last week U.S. hedge fund Farallon Capital Management, where Zage remained an adviser, joined investors who opposed Toshiba's spinning off its devices business.
  • Singapore-based 3D Investment Partners also publicly pushed for Toshiba to solicit a buyout offer.
  • Foreign hedge fund shareholders own ~30% of Toshiba combined.
  • Price Action: TOSYY shares closed at $19.41 on Wednesday.
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