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Toshiba Corp. surged its 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 Japanese conglomerate said it’s seeking more information while it weighs the proposal. Its board plans to meet Wednesday to discuss the potential deal, a 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 roughly $19 billion.
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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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Try refreshing your browser, or Japan s Toshiba considers $20 bln take-private deal - source Back to video
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.