Toshiba Corporation (TSE:6502)'s plan to break itself into three companies faces early derailment after one of its largest investors demanded an extraordinary meeting to vote on the split and revive talks with potential buyers to take the whole conglomerate private. The request for the EGM was delivered to Toshiba on January 6, 2021 by Singapore-based fund 3D Investment Partners, its second-biggest investor with a 7.6% stake, setting the Japanese conglomerate on course for another potentially bruising clash with activist shareholders. In November, the SRC recommended the split, arguing that it had not received convincing indications of a buyout offer.

But shareholders said they believed at least two buyers had discussed valuations for a take-private option that were no less than 25% higher than Toshiba's share price in December 2021. Since Toshiba's management backed the separation plan, 3D and other big shareholders have become increasingly frustrated that the company did not intend to give investors a direct mechanism to vote on the proposal. They are also worried that Toshiba has not clarified when or on what terms it would convene its own promised EGM, at which the proposal would be on the table for discussion.