Toshiba to restart strategic review that could see it go private
2022.04.07 18:01
Bags bearing a logo of Toshiba are pictured at a venue of Toshiba Corp’s annual general meeting with its shareholders in Tokyo, Japan, June 25, 2021. REUTERS/Kim Kyung-Hoon
TOKYO (Reuters) – Toshiba (OTC:TOSYY) Corp set up a special committee on Thursday to resume a strategic review that could see the Japanese industrial conglomerate go private after shareholders voted down a management-backed restructuring plan last month.
The new committee, comprised of Toshiba’s six external directors, will engage with potential investors and sponsors and also “identify the privatisation offer that is best for our diverse stakeholders,” Toshiba said in a statement.
The company said it would temporarily suspend portfolio divestitures that were part of the rejected plan, which would have seen its devices unit spun off.
During a five-month review leading to the spin-off plan last year, Toshiba held discussions with private equity firms but decided not to entertain potential offers, angering some hedge fund investors who wanted a private equity buyout.
