Toshiba Director Looks to Support Buyout, Against Board Opposition

By Benzinga
Benzinga
Benzinga
March 17, 2022 Updated: March 17, 2022

Toshiba Corp. 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 percent of Toshiba combined.

By Anusuya Lahiri

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