Sony has rejected the corporate breakup proposal that it received three months ago from activist investor Dan Loeb and his Third Point Capital. Loeb had called on Sony to divest its image-sensors b…
to divest its image-sensors business in order to focus more on entertainment, release value and improve share price and in June built up a $1.5 billion stake.
“Sony’s board, which is comprised of a majority of independent outside directors with diverse experience in a variety of industries, unanimously concluded that retaining the semiconductor business business) is the best strategy for enhancing Sony’s corporate value over the long term,” Sony said in an eight-page letter sent to shareholders and stock markets.
Chairman and CEO Kenichiro gave a robust account of the improvements made at Sony since Loeb’s previous attack on the company.
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