Private equity firm CVC Capital Partners is proposing taking Toshiba Corp private in a deal worth about $20 billion (â¬16.84bn), a person familiar with the matter said, as the Japanese tech giant faces pressure from activist shareholders to improve its governance.
If realised, the deal will shield management of the scandal-hit conglomerate, particularly chief executive Nobuaki Kurumatani, from scrutiny amid calls from large overseas shareholders for greater transparency from its board.
âToshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration,â Toshiba said in a statement, without providing further details.
Mr Kurumatani told a group of reporters earlier that Toshibaâs board would discuss the proposal on Wednesday, according to the Nikkei business daily.
Updated / Wednesday, 7 Apr 2021
08:16
Shares in Toshiba were untraded in morning trade with buy orders overwhelming sell orders
Toshiba is considering a $20 billion (€16.84 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.
Toshiba considering $20-billion take-private offer from CVC Capital: source Makiko Yamazaki Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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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 management, particularly Chief Executive Nobuaki Kurumatani, from that scrutiny. It would, however, invite regulatory review given its government work.
Toshiba Corp is considering a $20 billion (â¬16.81bn) 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 management, particularly chief executive nobuaki Kurumatani, from that scrutiny. It would, however, invite regulatory review given its government work.
âToshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration,â Toshiba said in a statement, without providing further details.
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