Farallon Capital Management, L.L.C. (“Farallon”) today commented on the disclosure by Toshiba Corporation (“Toshiba”) (6502.T) and media reports of the privatization proposal made by CVC Capital Partners to Toshiba.
Toshiba’s board has a duty to maximize mid to long-term enterprise value by evaluating the privatization proposal in a sincere manner through a fair process that includes a proactive market check and formation of an independent special committee. We, as shareholders of Toshiba, expect Toshiba’s board to fully fulfill such duty.
We have continued to engage constructively with Toshiba regarding its governance and capital allocation. A privatization is one of the effective measures that can improve these key areas by further aligning the interests of shareholders and management.
Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information on Farallon is available at www.faralloncapital.com.
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