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TOKYO (Reuters) - 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. Toshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration, Toshiba said in a statement, without providing further details.
Japan s Toshiba considers $20 billion take-private deal - source
By Makiko Yamazaki
Reuters
TOKYO (Reuters) - 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. Toshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration, Toshiba said in a statement, without providing further details.
Apr 7, 2021
Toshiba Corp. surged a daily limit of 18% after confirming it received an initial buyout offer from CVC Capital Partners, setting the stage for potentially the largest private equity-led acquisition in years.
The major conglomerate said it is seeking more information as it weighs the proposal. Its board plans to meet Wednesday to discuss the potential deal, one person familiar with the matter said.
Shares of Toshiba surged their most since 2017 to a four-year high in Tokyo, taking its 2021 gain to 57% and market value to nearly ¥2 trillion.
The bid comes as Toshiba faces scrutiny from activists following a series of scandals, including a record fine for faulty accounting, billions of dollars in writedowns and a bungled foray into U.S. nuclear power.
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TOKYO (Reuters) - 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. Toshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration, Toshiba said in a statement, without providing further details.
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TOKYO 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.
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