Sony’s New Board Considers Dan Loeb’s IPO Proposal
Sony Corp. said its newly appointed board of directors will take its time to “appropriately” consider the proposal from U.S. hedge-fund investor Daniel Loeb to list part of its entertainment business as a way to lift the company’s stock price.
At the Japanese electronics conglomerate’s annual shareholders meeting on Thursday, Chief Executive Kazuo Hirai said the proposal will require significant review and study by the directors. Mr. Hirai has repeatedly said it would be up to the board to decide, while refusing to tip his hand on whether he is in favor or opposed. He has also refrained from offering a timetable for a decision.