The proposal put forth by US hedge fund manager Daniel Loeb would be reviewed, according to Sony CEO Kazuo Hirai. The review would be conducted by the board of directors of the electronic's giant on Loeb's Third Point proposal for the company to spin off 20% of its entertainment division.
Hirai was asked about the proposal during a corporate strategy presentation. He did not provide a timetable for a decision on the proposal as well as refusing to provide his own opinion on the proposal from Third Point, one of Sony's largest shareholders.
Hirai told reporters, "This will be deliberated by the board and we will come up with a response. We have only just begun to study this."
Loeb's proposal said that the money raised would be used to financially support Sony's weakening electronics manufacturing unit.
What Hirai did say was that Sony Corp. does not see the Third Point proposal as recommending that the company's entertainment unit become a separate entity, but only that part of the unit would become public in ownership.
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