Toshiba's new boss Taro Shimada wants to de-silo the $19 bln group and focus on data to lift soggy margins. Yet with a sale process underway, his plans may remain just part of an iterative process, says JennHughes13
were among those considering bids, per Reuters. A whittled-down set of suitors is due to begin due diligence for binding proposals next month.
Asked in a media briefing on Friday whether management’s recommendations for that group might be coloured by buyers’ alignment with his own vision, Shimada said he hoped his ideas would inspire Toshiba’s suitors to submit even better plans of their own. Jerry Black, on the board since 2019, described the strategy as part of an iterative process while cautioning that a sale was not a foregone conclusion.
The Japanese company also announced it was evaluating eight initial proposals to take it private as well as two for capital alliances where it would remain listed. In April Toshiba kicked off a process to solicit bids to unlock value. Last month, the company nominated an M&A banker to chair its board as well as two representatives from among its most aggressive shareholders. The board’s vote on the two activist hedge-fund nominees was not unanimous, Reuters reported on June 3, citing people familiar with the matter.Register now for FREE unlimited access to Reuters.comOpinions expressed are those of the author.