Mar 24, 2022 - Economy

Toshiba's future in limbo after shareholder votes

A man rolling up shares up a hill

Illustration: Aïda Amer/Axios

Toshiba shareholders today rejected two rival proposals, one supported by management that would have spun off the company's devices unit and another supported by activist investors that would have solicited takeover offers.

Why it matters: This keeps the Japanese giant stuck in strategic limbo, after several years of scandal, shareholder fights and spurned private equity advances.

The bottom line: "Opposition to Toshiba's plans to break up the company had been widespread and included proxy advisory firms, and its failure comes as no surprise. But the outlook for Singapore-based 3D Investment Partners' proposal that Toshiba solicit private equity buyout offers or a minority investment had been less clear cut." — Reuters

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