Toshiba Corp shareholders on Thursday voted down competing proposals - one presented by management and the other backed by activist shareholders, leaving the future direction of the embattled Japanese conglomerate uncertain.
Toshiba Corp's logo is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoonshareholders on Thursday voted down competing proposals - one presented by management and the other backed by activist shareholders, leaving the future direction of the embattled Japanese conglomerate uncertain.
Although 3D and Toshiba's other top two shareholders had supported the quest for a buyout offer, proxy advisory firm Institutional Shareholder Services had advised against it, saying the proposal "appears overly prescriptive and premature." "They're trapped. They thought they could get away with their U.S.-style tactics because it made sense to them. Well, how's that working out?" he added.
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