U.S. hedge fund Farallon says will vote for activist-backed Toshiba board nominees

TOKYO (Reuters) – U.S. hedge fund Farallon Capital Management said on Wednesday it would vote for nominees to Toshiba Corp’s (6502.T) board backed by activist funds, intensifying a proxy fight between the Japanese industrial and activist shareholders.

Effissimo Capital Management, its top shareholder with a 15% stake, is calling for Toshiba to elect an Effissimo co-founder and two others as outside directors, while 3D Opportunity Master Fund is seeking the election of two candidates it is nominating.

Farallon, a major Toshiba shareholder, said in a statement it “believes that it is important that Toshiba seek to further strengthen its corporate governance framework in the interests of all stakeholders.

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