In order to fill the huge loss hole caused by the nuclear power business in the United States, Toshiba signed an agreement with the Bain Capital Group in September this year to sell its chip business to the Bain Capital Group for US$18 billion.
The deal was initially opposed by Western Digital partner, but foreign media claimed that Western Digital had already agreed to the deal. However, this wave of Tsuyoshikazu took another wave and Toshiba’s chip business was in trouble.
According to Reuters, Toshiba’s shareholder, Argyle Street Management, has sent a notice to Toshiba’s board of directors and opposed Toshiba’s sales of the chip business.
According to Kin Chan, CEO of Argyle Street Management, they are inviting more than 30 overseas investors who recently participated in the 600 billion yen (about 5.3 billion US dollars) new stock issuance of Toshiba, and they hope to jointly oppose Toshiba’s sale of the chip business.
As for the reason, he said that the sale of the chip business is no longer necessary, and that $18 billion seriously underestimates the value of Toshiba's chip business unit. Toshiba should consider the IPO of the unit.
According to industry sources, whether Argyle Street Management can block the Toshiba chip business transaction depends on how many investors will join the opposition camp. We will continue to pay attention.
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