Toshiba Corp. will hold an extraordinary shareholder meeting next month to gain feedback from investors on its revised separation plan, setting the stage for a showdown with activist stock holders that may oppose the conglomerate’s restructuring proposal.
The meeting will be held on March 24, the Tokyo-based company said in a statement Monday. A vote on the plan to split won’t be legally binding and will be adopted by an ordinary resolution, it said, requiring a simple majority to pass.
The proposal is likely to be approved because of this, said Justin Tang, the head of Asian research at United First Partners in Singapore.