Japan’s Toshiba brings in M&A adviser and activists in board overhaul
TOKYO (Reuters) – Toshiba Corp nominated an govt from M&A advisory agency Houlihan Lokey as chairperson and activist shareholders as exterior administrators on Thursday, in a board overhaul that would intensify stress to take the conglomerate personal.
Toshiba nominated Akihiro Watanabe, the founding father of M&A advisory agency GCA Corp, which was just lately purchased by Houlihan Lokey.
It additionally proposed Nabeel Bhanji, a portfolio supervisor at Elliott Administration, and Eijiro Imai, managing director at Farallon Capital Administration, are given board seats forward of its annual shareholder assembly in June.
The nominations of the hedge fund shareholders mark a possible turning level in a protracted battle between the Japanese conglomerate and its activist shareholders.
Present board chair Satoshi Tsunakawa will step right down to turn out to be govt advisor.
Board director nominations had been delayed for about two weeks as Toshiba took additional time to establish whether or not there have been any conflict-of-interest points for some candidates.
(Reporting by Makiko Yamazaki; modifying by Jacqueline Wong and Jason neely)
