Japan’s Toshiba brings in M&A adviser and activists in board overhaul

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The brand of Toshiba Corp is noticed on the corporate’s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/Report Photograph

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TOKYO, Would possibly 26 (Reuters) – Toshiba Corp (6502.T) nominated an government from M&A advisory company Houlihan Lokey as chairperson and activist shareholders as out of doors administrators on Thursday, in a board overhaul that would accentuate force to take the conglomerate personal.

Toshiba nominated Akihiro Watanabe, the founding father of M&A advisory company GCA Corp, which used to be lately purchased by way of Houlihan Lokey.

It additionally proposed Nabeel Bhanji, a portfolio supervisor at Elliott Control, and Eijiro Imai, managing director at Farallon Capital Control, are given board seats forward of its annual shareholder assembly in June.

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The nominationsof the hedge fund shareholders mark a possible turning level in an extended fight between the Eastern conglomerate and its activist shareholders.

Present board chair Satoshi Tsunakawa will step right down to grow to be government consultant.

Board director nominations had been not on time for approximately two weeks as Toshiba took overtime to determine whether or not there have been any conflict-of-interest problems for some applicants.

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Reporting by way of Makiko Yamazaki; enhancing by way of Jacqueline Wong and Jason neely

Our Requirements: The Thomson Reuters Consider Ideas.

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