• The electronics and heavy machinery maker also decided to stop its reorganization plan featuring a two-way split of the company

TOKYO: Japan’s Toshiba Corp. on Thursday said it will set up a special committee to newly consider strategic options, including the idea of going private supported by foreign investors.

The electronics and heavy machinery maker also decided to stop its reorganization plan featuring a two-way split of the company that was rejected at an extraordinary meeting of shareholders March 24.

The strategic committee that led the compilation of the reorganization plan was dissolved Thursday.

President Taro Shimada and other executives will discuss strategic alternatives to the reorganization plan with stakeholders including activist shareholders.

The new committee, made up of independent directors of Toshiba, will be involved in the discussions including by providing its opinions.

The committee will “identify the privatization offer that is best for our diverse stakeholders including shareholders,” Toshiba said in a statement.

Toshiba also said it will work out a new business plan before its next regular general meeting of shareholders slated for June.

Plans to sell noncore operations including the elevator business will also be halted, except for air conditioner joint venture Toshiba Carrier Corp., whose sale has been decided.

Last week, Singapore asset management company Effissimo Capital Management Pte., the top shareholder of Toshiba, said it will sell all of its Toshiba shares to Bain Capital if the U.S. investment fund starts a tender offer for Toshiba.

On Wednesday, 3D Investment Partners Pte. said Toshiba should solicit bids for all or part of the company.

JIJI Press