Glass Lewis Advises Supporting Toshiba Shareholder Proposal to Look for Alternative Restructuring Options -- WSJ

   By Megumi Fujikawa

Proxy advisory firm Glass Lewis & Co. has recommended that Toshiba Corp.'s shareholders vote against the company's split plan, joining Institutional Shareholder Services Inc., which offered a similar advice recently.

The breakup plan is set to be put to a vote at an extraordinary shareholders' meeting on March 24. The two-way split announced in February calls for Toshiba to spin off its device business and for its remaining unit to focus on energy and infrastructure.

Glass Lewis also advised Toshiba shareholders to support a proposal made by Singapore-based 3D Investment Partners Pte. Ltd., one of Toshiba's major shareholders. It asks the company's strategic review committee, or SRC, to consider alternatives, including selling the whole company to a private investor.

"We believe the question central to the forthcoming vote--which is to say, whether the SRC's disclosed review of alternatives was sufficiently transparent, comprehensive and even-handed to suggest the plan represents, within a reasonable degree of certainty, the most compelling path forward for the company--has a very simple answer: absolutely not," Glass Lewis said Thursday.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

(END) Dow Jones Newswires

March 10, 2022 22:58 ET (03:58 GMT)

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