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(Bloomberg) -- Toshiba Corp.’s proposal to split into two companies has been dealt a blow after a prominent shareholder advisory firm and largest stockholder came out against the plan.

Institutional Shareholder Services Inc. urged investors in the Japanese conglomerate to reject the proposal, it said in a report dated March 9. Activist investor Effissimo Capital Management Pte, which holds a roughly 10% stake in Toshiba, also spoke out against the plan on Thursday, saying that such a split would be irreversible and could be detrimental in the longer term.

“The spin-off option offers upside to the status quo, but the associated execution risks do not allow for an inescapable conclusion that the split is superior to a privatization,” ISS said in its report. read more here

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