(Reuters) – TOKYO, Japan (Reuters) – Farallon Capital Management accused Toshiba Corp of “backpedaling” on its investment strategy on Tuesday, which the Japanese company denied.
According to the fund, Farallon, Toshiba’s second largest shareholder, has called an extraordinary meeting to gain shareholder support for the Japanese firm’s drive toward large-scale mergers and acquisitions.
According to the firm, the problem stems from a shareholder’s “misunderstanding.”
In its presentation regarding its call for an extraordinary meeting, Farallon said: “This shift in policy, and the apparent backpedaling, has led to further trust issues and concerns.”
Toshiba will hold the meeting on March 18 to vote on separate proposals from Farallon and top investor Effissimo Capital Management, which wants an independent probe into the company’s annual shareholder meeting (AGM) last year. Toshiba announced last month that its investment and shareholder return policies had not changed.