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Toshiba in turmoil

In break with Toshiba board, director says to back plan that could open door to buyout

Raymond Zage said he believed he was one of the top 100 shareholders in the company

Toshiba nomination committee chair George Raymond Zage

 (Reuters) -- A Toshiba independent director broke ranks with the company board's public stance on Thursday, saying he would back a shareholder proposal at next week's extraordinary meeting that could pave the way for a potential buyout deal.

The comments from American Raymond Zage, a former Goldman Sachs banker and hedge fund manager, mark the latest twist in a long-standing fight between the 146-year-old Japanese conglomerate and its large number of foreign shareholders.

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