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Japan’s Toshiba brings in M&A adviser and activists in board overhaul

Toshiba Corp nominated an executive from M&A advisory firm Houlihan Lokey as chairperson and activist shareholders as outside directors on Thursday, in a board overhaul that could intensify pressure to take the conglomerate private. Ahead of its annual shareholders’ meeting on June 28, Toshiba nominated Akihiro Watanabe, the founder of Japanese M&A advisory firm GCA Corp, which was recently acquired by U.S. investment bank Houlihan Lokey. It also proposed Nabeel Bhanji, a portfolio manager at Elliott Management, and Eijiro Imai, managing director at Farallon Capital Management, would be given board seats, a potential turning point in a long battle between Toshiba and its activist shareholders.

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