CVC Capital offers to buy out Toshiba
07 Apr, 2021
CVC Capital Partners has offered Toshiba $20bn to take the Japanese conglomerate private. Toshiba confirmed the offer saying that CVC had approached it with the acquisition plan and that it “will ask for further clarification and give it careful consideration”, but did not provide any further details.
The proposed deal comes three weeks after shareholders agreed to an independent probe from activists groups into the company following a series of scandals. Singapore-based Effissimo Capital Management, Toshiba’s largest shareholder, called for an investigation into the voting tactics at the 2020 annual shareholders’ meeting.
Toshiba gets proposal to go private in $20 billion deal - source
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Toshiba Surges 18% Limit After CVC Capital Makes Buyout Offer
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Japan’s Toshiba considers CVC Capital’s $20b take-private deal
FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo
April 7, 2021
Toshiba Corp is considering a $20 billion offer from private equity firm CVC Capital Partners to take it private, a person familiar with the matter said, as the Japanese industrial conglomerate faces pressure from activist shareholders to improve governance.
The proposed deal, which comes three weeks after shareholders approved an independent probe into the scandal-hit company, could shield managers, particularly Chief Executive Nobuaki Kurumatani, from that scrutiny. It would, however, invite regulatory review given its government work.
CVC Offers About $21 Billion in Toshiba Buyout Bid
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