Toshiba Corp shares have risen more than 3%. Toshiba, which has been at loggerheads with its major shareholders over its management for a number of years, said on Thursday it had appointed Nomura Securities as a financial advisor on alternative strategies, including private ones. The announcement period just before the annual general meeting expected in June could address the ongoing pressure the company is making on investors, who have publicly called and repeatedly secretly, according to sources to consider the purchase.
Toshiba’s chief shareholder, Effissimo Capital Management, said last month it had agreed to sell Bain Capital when the US-based company presented the tender, a move that seemed to put pressure on Toshiba to renew negotiations. Bain said there were no restrictions on the take-off bid, although the Nikkei business daily reports that the company plans to meet with Japanese investment funds to make a donation.
Participation in local finances is seen as important, given that some of Toshiba’s assets including defense and nuclear power are considered the most important in Japan. Themove comes after shareholders last month voted down the company’s proposal to remove its unit.
Toshiba Corp shares jumped above 3% on Friday after a Japanese agency said it would seek bids for it, including potential purchases, cementing the potential for a profitable exit from its hedge fund investors and Toshiba shares increased by 4.7 percent to 5,404 min at 0156 GMT.
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