Toshiba gets takeover bid from private equity firm CVC
Toshiba CEO Kurumatani once served as chairman of CVC’s Japan unit
Toshiba Corp. said Wednesday that it has received an acquisition proposal from private equity firm CVC Capital Partners.
The Japanese industrial company said it would seek further details about 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.
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In March, shareholders approved a proposal made by Effissimo Capital Management Pte., a major Toshiba shareholder, proposing to appoint investigators to look into whether the shareholders’ meeting last year was conducted fairly.
Foreign shareholders have taken a growing role at the Japanese conglomerate since it raised billions of dollars in 2017 to bolster its balance sheet following the bankruptcy of its U.S. nuclear subsidiary, Westinghouse Electric Co.
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Toshiba Chief Executive Nobuaki Kurumatani served as chairman of CVC’s Japan 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.