Toshiba secures takeover bid for private equity firm CVC


Toshiba Corp. said Wednesday that it received an acquisition proposal from private equity firm CVC Capital Partners.

The Japanese industrial company said it will seek more details on the offer and consider it carefully.

The offer comes as some of Toshiba’s shareholders have questioned the company’s corporate governance in recent months.

PRIVATE CAPITAL CASH REACHES RECORD $ 1.5T

In March, shareholders approved a proposal by Effissimo Capital Management Pte., A major Toshiba shareholder, proposing to appoint investigators to determine whether last year’s shareholders meeting was conducted fairly.

Foreign shareholders have assumed an increasingly important role in the Japanese conglomerate since it raised billions of dollars in 2017 to bolster its balance sheet following the bankruptcy of its US nuclear subsidiary, Westinghouse Electric Co.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

Toshiba CEO Nobuaki Kurumatani served as president of CVC’s Japanese unit before joining the company.

Toshiba had a market capitalization of 1.738 trillion yen ($ 15.84 billion) as of Tuesday, according to S&P Global Market Intelligence.

Source link