The fund also criticized Dow's decision to delay the retirement of CEO Andrew Liveris, who was originally supposed to step down around now but now plans to stay on longer, according to the letter, which was reviewed by Journal.
Glenview said it believes the delay will impact Dow's ability to find a new leader.
Glenview's letter said it owns about $1 billion of Dow stock, amounting to less than 1% of the company's total value.
The announcement of the litigation capped another difficult day for Toshiba's management who were obliged to front an angry shareholder meeting to admit they had missed a self-imposed deadline to finalize an agreement to sell Toshiba Memory Corp.
Toshiba needs to quickly sell its memory chip unit to cover a record ¥950 billion loss, and potential further liabilities, resulting from the collapse of its U.S. nuclear energy division, Westinghouse Electric.
Last week, Toshiba named a consortium led by Bain Capital LLC as the preferred bidder for its memory chip unit following an auction and said it hoped to sign a binding agreement before Wednesday, June 28.
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