Activist investor puts up a fresh hurdle to Toshiba’s sale of its chip unit
Tokyo — A Hong Kong-based activist investor in Toshiba has told the embattled conglomerate that the $18bn sale of its chip unit to a Bain Capital-led group is no longer necessary after its recent capital injection, according to a letter seen by Reuters. Argyle Street Management, a hedge fund with $1.2bn under management, sent the letter to Toshiba’s board late on Monday, chief investment officer Kin Chan told Reuters. The fund declined to say how many Toshiba shares it owns. The first activist shareholder to openly voice opposition to the sale, Argyle is inviting the 30-plus overseas investors who participated in Toshiba’s recent ¥600bn ($5.3bn) new share issue to team up. It is already in talks with at least three funds who share the same view, Chan said. While the potential for activist funds to hinder or even scupper the deal with the Bain-led consortium will depend on how many join forces in opposition, Argyle’s letter underscores some fears that Toshiba had opened a potential c...
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