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Toshiba turmoil update

Reuters New Service is reporting that shareholders endorsed new members to the board of directors including 2 from hedge fund investors:

  • Nabeel Bhanji from Elliott Management
  • Eijiro Imai from Farallon Capital Management
  • The hedge fund operators are supporting a buyout over a long term strategic approach
  • The nominations are a sign that the company is becoming more receptive to the idea of being taken private
  • External director, Mariko Watahiki, tendered her resignation to protest the choices.
  • Company’s current market value of $18 billion
    • Bidders are supposedly offering up to $22 billion to take company private

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