TOKYO, Feb 14 (Reuters) - Japan's Toshiba Corp (6502.T) plans an extraordinary general meeting of shareholders on March 24, to seek their initial approval to hive off its devices business, the company said on Monday.
The final, legally binding vote to determine whether to break up the 146-year-old conglomerate will not happen until next year, but next month's meeting will be a key gauge of shareholder support for the board's restructuring plan.
Toshiba's plan has been criticised by some foreign hedge funds with stakes in the company.
Singapore-based 3D Investment Partners has submitted a separate proposal for the meeting, urging Toshiba to explore other options and solicit buyout offers from private equity firms and potential strategic buyers. read more
The company is opposed to 3D's proposal.
The board chose the break-up plan over buyouts after a thorough review that involved talks with private equity firms over conditions and pricing for a potential deal to take the company private, Chief Executive Satoshi Tsunakawa told a news conference.
If the breakup plan failed to win majority support, however, all options will be considered, including a deal to take the company private, Tsunakawa said.
Such a deal is seen as a potentially greater windfall for shareholders, including the foreign activists that now own nearly 30% of the company.