In break with Toshiba board, director says to back plan that could open door to buyout

March 17, 2022

By Makiko Yamazaki

(Reuters) -A Toshiba Corp independent director broke ranks with the company board’s public stance on Thursday, saying he would back a resolution at next week’s extraordinary shareholder meeting that could pave the way for a potential buyout deal.

The comments from American Raymond Zage, a former Goldman Sachs banker and hedge fund manager, mark the latest twist in a long-standing fight between the 146-year-old Japanese conglomerate and its large number of foreign shareholders.

Last week U.S. hedge fund Farallon Capital Management, where Zage was previously a managing director and remains an adviser, joined a chorus of investors who oppose the company’s plan to break itself up by spinning off its devices…