Chalk up one for Toshiba’s activist shareholders: the embattled $17 billion group has launched a fresh strategic review to engage with buyout groups and other potential investors. Coming just five months after a similar exercise concluded a buyout wasn’t the best option, the shift speaks to the drama that has ensued since, including a surprise of support from Toshiba’s top shareholder, activist Effissimo, for a bid by Bain Capital.
a fresh strategic review to engage with buyout groups and other potential investors. Coming just five months after a similar exercise concluded a buyout wasn’t the best option, the shift speaks to the drama that has ensued since, including a surprise chief executive change, two defeated shareholder votes, a revolt by one board member and last week’s sly unveiling of support from Toshiba’s top shareholder, activist Effissimo, for a bid by Bain Capital.
It doesn’t mean buyout advocates have won. Toshiba has politically and militarily sensitive units, complicating any deal. Prices may fall short of activists’ assumed starting point of roughly 6,000 yen a share - a one-fifth jump from current levels. Toshiba plans an update before its June annual meeting. Given its last AGM voted out its chairman and the one before triggered allegations of vote-rigging, it's fair to assume the drama isn’t over yet.
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