Japan’s Toshiba Machine said on Wednesday it would officially oppose a takeover offer by activist investor Yoshiaki Murakami and hold a shareholders meeting on March 27 to seek approval for the adoption of defense measures.
The former Toshiba Corp unit said the decision is based on a conclusion drawn up by an independent committee that discussed Murakami’s proposal.
A takeover by Murakami is likely to hurt corporate and shareholder value, the molding machine company said. Murakami last month launched a bid of up to $235 million for control of the company.
Source: Reuters.com