Toshiba Corp. shareholders on Thursday voted down competing proposals — one presented by management and the other backed by activist shareholders, leaving the future direction of the embattled Japanese conglomerate uncertain.
Management's plan to spin off Toshiba's devices unit and the separate call to seek buyout offers both failed to gain the required 50% of the vote.
The untidy outcome ensures there will be no immediate end to a four-year scandal-filled battle between management and foreign activist hedge funds, while underscoring deep divisions among Toshiba shareholders.