One of Toshiba’s largest shareholders has appealed to the company’s board to solicit offers to acquire all or part of the struggling Japanese giant.

The shareholder in question is 3D Investment Partners, which owns 7.6% of Toshiba. On Wednesday, he expressed his disappointment with a open letter which notes that shareholders have now opposed four turnaround plans proposed by management.

The letter expresses 3D’s displeasure as follows:

The letter asks Toshiba’s board of directors to take three steps ahead of its June annual general meeting: develop and disclose a medium-term plan that reflects the company’s desirability; solicit expressions of interest from buyout companies; and consult with shareholders regarding board composition.

The firm is demanding everything be done before Toshiba’s annual general meeting on June 25. He called for a consultation to include those who have expressed concerns about corporate governance or strategy, and asked Toshiba’s board to take shareholder sentiment into account when considering nominations. .

“The board should not unilaterally determine who to appoint to the board, including the appointment of Taro Shimada (President and CEO) and Goro Yanase (VP and COO), given the lack of trust and progress over the past year,” the letter reads. .

The company also said potential buyers should provide not only preliminary indications of interest, but also valuation ranges, ahead of the AGM. He promised that any credible offer would receive materials and cooperation from management to help arrive at a proposal.

3D’s letter comes after its efforts to win approval for a potential private equity buyout were narrowly defeated at a March shareholder meeting. A turnaround plan devised by Toshiba management was also rejected, leaving the company without a clear direction.

Toshiba has so far resisted privatization and instead tried to split the company into three smaller ones. Once this plan was rejected, he tried unsuccessfully to engineer a two-way split.

Toshiba’s tortured recovery attempts follow years of scandals involving government ministers, the collapse of finances for its nuclear business and the removal of board members.

Effissimo, Toshiba’s largest shareholder, has already signed a conditional agreement to sell its nearly 10% stake to US private investment firm Bain Capital, hoping it will lead to a takeover. Bain reportedly made the rounds to other shareholders, but acknowledged there were “issues that needed to be resolved in order to initiate a takeover bid for Toshiba.” ®