TOKYO -- Toshiba's decision to raise 600 billion yen ($5.33 billion) through a private share placement has sharply improved the odds of the company avoiding a stock delisting. But the Japanese conglomerate may be giving up management freedom in exchange for offering new shares to dozens of foreign hedge funds.
These include major funds from the U.S., Europe, Asia and Australia, with the largest investor being Singapore-based Effissimo Capital Management. Some well-known U.S. activist funds are also taking part, including Daniel Loeb's Third Point and Paul Singer's Elliott Management.
