Toshiba sets date for break-up plan

Japan's Toshiba Corp said on Monday it plans to hold an extraordinary general meeting of shareholders on March 24 where it will seek initial approval to hive off its devices business.

The final, legally-binding vote to determine whether to break up the 146-year-old conglomerate won't happen until next year but the meeting next month will be an important gauge of shareholder support for the board's restructuring plan.

Toshiba's plan has been criticised by some foreign hedge funds who own stakes in the company.

Singapore-based 3D Investment Partners has submitted a separate proposal for the meeting, calling on Toshiba to explore other options and solicit buy-out offers from private equity firms and potential strategic buyers.

Both proposals would need approval from just over half of shareholders, Toshiba said.