Toshiba Corp s second-biggest shareholder called on the Japanese conglomerate to undergo a strategic review and explicitly solicit suitors, saying potential acquirers were deterred by the company s comments on wanting to remain listed. The comments by 3D Investment Partners, which owns a 7.2% stake in Toshiba, come as a $21 billion buyout offer from CVC Capital Partners earlier this month has sparked expectations for a bidding war for the Japanese company. While Toshiba dismissed that offer citing a lack of details, CVC has not thrown in the towel and sources have said some other private equity investors are also considering making bids. We call upon the board to openly welcome interest from suitors who could enhance corporate value and ask the board to conduct a formal review of strategic alternatives, 3D said in a letter sent to Toshiba s board on Monday and made public.
Toshiba Corp has decided against evaluating a $20 billion buyout offer from CVC Capital Partners, saying it lacked detail, while adding it was open to credible offers. The Japanese conglomerate said a new letter from CVC, which previously offered to take the company private, did not provide the information needed for it to be able to evaluate the offer. Instead, the company said the letter stated CVC would step aside to await Toshiba s guidance. This letter contained no specific and detailed information capable of detailed evaluation, Toshiba said. As this preliminary proposal lacks the required information the board has concluded it is not possible to evaluate it.
There was a 64 per cent jump in private equity and venture capital investments in India during the January-March period at USD 8.3 billion across 266 deals compared to the year-ago period, a report said on Thursday. However, when compared with the preceding December quarter s total of USD 18.5 billion, the investments have declined by 55 per cent. At USD 1.8 billion, e-commerce recorded the highest quarterly value of investments in the sector in the past five quarters, the report by the consultancy firm EY and industry lobby India Venture Capital Association, said. There were 22 large deals during the March quarter, through which Indian companies garnered USD 4.8 billion, it said, adding that the same was lower than the immediately preceding December 2020 quarter s USD 16 billion in investment through 30 such deals.
Read more about Toshiba activist investor Oasis unimpressed by CVC s $20 billion offer on Business Standard. U.S. hedge fund Farallon Capital Management has also asked Toshiba to seek multiple offers, but Oasis is the first to present what it considers a fair price.
Vedanta Resources revised open offer price of Rs 235 per share for its Indian unit is a better deal for investors than the earlier offer price, brokerage firm Edelweiss said on Wednesday.
Vedanta Resources and persons acting in concert with it (promoter group) on Tuesday increased the offer size and price for the voluntary open offer for Vedanta Ltd to Rs 235 per share for 65.1 crore shares (17.5 per cent of total equity share base) from the previous Rs 160 for 37.17 crore shares (10 per cent). The revised offer represents a 4 per cent premium to the current market price (CMP), a better deal for investors than the earlier offer price that implied a discount of 13 per cent to the CMP then, Edelweiss said.