- Toshiba Corp TOSYY 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% of Toshiba combined.
- Price Action: TOSYY shares closed at $19.41 on Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.