TOKYO (dpa-AFX) - 3D Investment Partners Pte, one of the largest investors of Toshiba, has requested the Japanese conglomerate to convene an extraordinary general meeting of shareholders to get two-thirds of shareholders support, before continuing with the company's plan to split into three standalone companies.
3D said it is gravely concerned that the company's strategic review process that resulted in the separation plan was inadequate because it failed to consider a full range of alternatives.
3D alleged that the Strategic Review Committee of the Board of Directors failed to contact any potential strategic acquirors. Further, 3D believed the Committee terminated discussions prematurely with a private equity firm that expressed interest in making a large minority investment.
'There is no rationale for pursuing at great expense the Separation Plan without knowing whether a sufficient number of Toshiba shareholders will ultimately provide consent,' 3D said in a statement.
In November 2021, Toshiba announced its plan to split into three standalone companies aiming to tap the full potential of its businesses and maximize shareholder value.
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