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Toshiba in turmoil

Toshiba invites hedge funds, investment banker to its board

Shake-up at Japanese industrial group comes ahead of deadline for buyout offers

The nomination of hedge fund executives to Toshiba's board may mark a turning point in the Japanese conglomerate's long battle with activist shareholders.   © Reuters

TOKYO -- Toshiba has nominated an investment banker known for "creative deal making" to be its chairman as the industrial conglomerate examines a possible buyout by private equity and tries to mend fences with activist shareholders.

Akihiro Watanabe, chairman of Asia corporate finance at Houlihan Lokey, a boutique U.S. investment bank, has been nominated with 12 other board candidates for approval at Toshiba's annual general meeting next month. Seven of the 13 candidates are newly nominated.

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