Toshiba's chip business is selling again! There are fierce opposition from investors

In a bid to address the massive financial losses stemming from its nuclear power operations in the U.S., Toshiba has entered into an agreement with Bain Capital Group to sell its semiconductor business for $18 billion. The deal, announced in September, aims to stabilize the company’s financial position and redirect resources toward more profitable ventures. However, the transaction has not been without controversy. Western Digital, one of Toshiba's key partners, initially raised concerns about the sale. Some foreign media outlets reported that Western Digital had eventually approved the deal, but the situation took an unexpected turn when another group, led by Tsuyoshikazu, launched a new wave of resistance, further complicating the future of Toshiba’s chip division. Adding to the uncertainty, Argyle Street Management, a major shareholder of Toshiba, has formally objected to the sale. In a recent communication to the company’s board, they expressed strong opposition to the proposed transaction, arguing that it undermines the true value of Toshiba’s semiconductor unit. According to Kin Chan, CEO of Argyle Street Management, the firm is actively engaging over 30 international investors who recently participated in a $5.3 billion stock offering by Toshiba. These investors are being encouraged to join the effort to block the sale. Chan emphasized that the sale is no longer necessary and that the $18 billion offer significantly undervalues the chip business, which could potentially be better positioned for an initial public offering (IPO) in the future. Industry insiders suggest that the success of this opposition will largely depend on how many additional investors choose to support the movement. As the situation unfolds, it remains to be seen whether Toshiba will proceed with the deal or reconsider its strategy. The outcome could have significant implications for both the company and the broader semiconductor industry.

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