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Toshiba in Limbo as Shareholders Reject Proposals to Split or Consider Sale

  • Competing motions to split or consider a sale both voted down
  • Votes not legally binding but leave Toshiba in limbo
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Toshiba Corp. shareholders rejected proposals for the firm’s future from both management and activist shareholders, putting the 146-year-old Japanese conglomerate in a state of limbo after months of wrangling about its next steps.

A proposal to split the company in two, put forward by management, failed to get the simple majority it needed to be approved. A separate proposal by second-largest shareholder 3D Investment Partners Pte. to reconsider alternative options including a sale was also voted down at a meeting of shareholders in Tokyo on Thursday.