Singapore-based activist fund 3D Investment Partners Pte. Ltd. said Monday it has requested Toshiba Corp. to conduct a comprehensive review of its business strategy to enhance corporate value following a buyout plan from a British private equity firm.

In an open letter, the fund, which holds a 7.2 percent stake in Toshiba, suggested the Japanese manufacturer "invite and encourage participation by private equity firms and strategic acquirers alike by informing such parties that their interest is welcome and Toshiba is willing to objectively consider all forms of ownership."

The Japanese company said last week that CVC Capital Partners will suspend its consideration of an offer to take Toshiba private after the British firm's plan faced severe opposition from a majority of Toshiba board members, forcing the resignation of President and CEO Nobuaki Kurumatani.

In the statement, 3D said "public shareholders will have no choice but to seek a more significant and ongoing role in governance" if the board of the Japanese electronics and infrastructure giant "cannot demonstrate that it has objectively and properly considered" its request.

The Singapore-based fund also said it was "very concerned, based on media reports and Toshiba's own press releases, that Toshiba may not be serving the interests of the corporation and has been actively discouraging takeover proposals."

Meanwhile, 3D said it is "not inclined to have Toshiba sell itself to a new owner unless such a transaction would provide full and fair value" to the Japanese company's shareholders.

The fund said a fair value of the Japanese firm's stock is "in excess of 6,500 yen," while CVC was said to have suggested about 5,000 yen per share in its takeover bid.

==Kyodo

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