Toshiba plans to hold EGM by April-end to address activist challenge

Toshiba Corp said on Friday it plans to hold an extraordinary shareholders meeting (EGM) by the end of April to vote on proposals from overseas hedge funds, in what would be a high-profile test case for shareholder activism in Japan.

Shareholders on the register as of Feb. 1 will be eligible for voting, the Japanese industrial conglomerate said in a statement.

The date of the EGM has not been decided, but it should be held within three months from the Feb. 1 reference data in accordance with regulations, it said. A source familiar with the matter told Reuters it is likely to be in March.