Toshiba Opens Strategic Review Process themiddlemarket.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from themiddlemarket.com Daily Mail and Mail on Sunday newspapers.
April 8, 2021
Toshiba Corp. said a potential acquisition offer from
CVC Capital Partners has stalled after the firm submitted a new proposal that lacks sufficient information for evaluation.
Signage for Toshiba Corp. is seen at the company’s headquarters in Tokyo, Japan, on Thursday, Nov. 9, 2017. Photographer: Akio Kon/Bloomberg
Toshiba revealed a preliminary approach from CVC in early April, which sent its shares soaring. Just days later, the company’s board urged caution over the discussions, warning the proposal may not lead to a transaction.
In the latest chapter of the convoluted drama, Toshiba revealed it had received a letter from CVC on Monday, but it included “no specific and detailed information capable of detailed evaluation.”
Toshiba Corp board urges caution over CVC scheme
Bloomberg
Toshiba Corp’s board yesterday issued a statement in the wake of CVC Capital Partners’ offer to take the Japanese conglomerate private, warning that the proposal is preliminary and might not lead to a transaction.
CVC’s offer is not legally binding and many details still need to be worked out, Toshiba Corp board Osamu Nagayama chairman said.
Any deal also requires extensive regulatory reviews and CVC would have to organize a consortium to line up financing, Nagayama said.
Signage for Toshiba Corp is displayed at the company’s headquarters in Tokyo on Wednesday.
CVC Offers About $21 Billion in Toshiba Buyout Bid msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.