Toshiba restructuring plan faces hurdle as activist builds stake in unit [Reuters]
TOSHIBA CORP UNSP/ADR (TOSYY)
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Source: Reuters
Toshiba restructuring plan faces hurdle as activist builds stake in unit TOKYO (Reuters) - Toshiba Corp’s ( 6502.T ) ownership restructuring plan faces a challenge, with activist investor Yoshiaki Murakami building a stake in a unit that the conglomerate aims to buy out, potentially making it sweeten an offer. Toshiba announced last month it plans to take full ownership of chip-making equipment maker NuFlare Technology ( 6256.T ) and two other units through tender offers at a total cost of about 200 billion yuan ($1.84 billion). Regulatory filings show that funds backed by Murakami, Japan’s most prominent activist shareholder, have built a 6.2% stake in NuFlare since Toshiba announced the tender offer for it on Nov. 13. Toshiba, which already owns 52.4% of NuFlare, has offered 11,900 yen for each NuFlare share. While NuFlare’s board has endorsed the offer, Toshiba Machine ( 6104.T ), NuFlare’s second largest shareholder with a 15.8% stake, has yet to decide whether to tender, ho
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