Toshiba shareholders on Thursday approved the reappointment of all 11 directors who backed a tender offer made by a consortium led by Japan Industrial Partners (JIP), although some investors criticized the offer as being "too cheap."
The effective investor approval for the ¥2 trillion ($14 billion) buyout plan is expected to move forward the planned privatization of the struggling tech conglomerate, with the tender offer starting as early as late next month.
If the tender offer is agreed on and Toshiba becomes private, the company will be able to cut ties with overseas activist shareholders seeking short-term shareholder returns.