Monday, 29 August 2016
Last updated 2 days ago
Jun 19 2013 | 10:52am ET
Sony Corp.'s annual shareholders meeting is tomorrow, but you won't hear about the biggest news facing the company or see its largest shareholder there.
U.S. hedge fund Third Point's proposal that Sony spin-off part of its entertainment division is not on the agenda for the meeting. And Third Point chief Dan Loeb, who last month went to Japan to meet with Sony executives and who has pushed for a board seat at the company, will not be present.
It is unclear why Loeb won't be making the trip to Tokyo, Reuters reports.
Activists have long had a tough time in Japan, and Loeb took pains to avoid the appearance of a corporate raider from abroad in his first approach to the company. But this week he told Sony that Third Point had boosted its stake in the company to about 7%, making it Sony's largest investor, and pushed again for a partial spin-off of Sony Entertainment.
Despite the planned no-show, Loeb will continue to push his plan for Sony.
Sony has said it will consider Third Point's proposals.