Toshiba is considering a takeover bid for Britain’s CVC

According to a Japanese newspaper, CVC would offer a premium of 30% compared to the last Toshiba share price, which would value the group at 20 billion dollars.

Japanese conglomerate Toshiba confirmed in a statement on Wednesday (April 7th) that it had received a takeover offer from British private equity firm CVC Capital Partners, which could exceed $20 billion according to the daily. Nikkei. “We have not been consulted by CVC before about this offer and only received an initial proposal yesterday” (Tuesday), according to the group, adding that it has requested detailed information from CVC in order to examine “thoroughly” his project. Asked by AFP, CVC was not immediately available to say more.

Toshiba shares were suspended for trading Wednesday morning on the Tokyo Stock Exchange. According to the Japanese economic newspaper Nikkei, CVC would offer a premium of 30% compared to the last Toshiba share price, which would value the group at 20.8 billion dollars (17.5 billion euros). The purpose of this takeover would be to make the Japanese conglomerate more agile in its decision-making, while it has been struggling for several years with activist shareholders.

Humiliating defeat

Last month, Toshiba management suffered a humiliating defeat to its activist shareholders at an extraordinary general meeting, which forced the group to accept the principle of an independent investigation to shed light on its previous ordinary general meeting. in 2020. This had taken place in questionable circumstances, with shareholder votes omitted although admissible. Toshiba chief executive Nobuaki Kurumatani was also chairman of CVC Capital Partners in Japan between 2017 and 2018, just before taking over as head of the conglomerate.

Former pearl of the Japanese industry, Toshiba has lost a lot of its luster since a huge scandal of make-up of its accounts revealed in 2015, and massive losses mainly linked to the rout of its American subsidiary of nuclear equipment Westinghouse, today resold. Playing on its own survival, the group then had to part with many assets and bail out in an emergency, thus opening its door to activist funds.

Related Posts

Toshiba is considering a takeover bid for Britain’s CVC

Comments Off on Toshiba is considering a takeover bid for Britain’s CVC

Paid leave: the government is considering partial support

Comments Off on Paid leave: the government is considering partial support

Create Account



Log In Your Account