Image: Reuters Berita 24 English - Toshiba Corp announced on Thursday that it has received ten investment bids, including eight to go pri...
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| Image: Reuters |
Berita 24 English - Toshiba Corp announced on Thursday that it has received ten investment bids, including eight to go private, as the ailing Japanese conglomerate considers its strategic options.
The other two options were for capital and commercial relationships, both of which would keep Toshiba on the stock exchange.
Toshiba, which has been beset by accounting and governance issues since 2015, established a special committee to solicit solutions in April after shareholders rejected a management-backed restructuring plan.
The non-binding proposals were to be submitted by Monday.
After its shareholders meeting on June 28, the firm said in a statement that it will review funding arrangements, the feasibility of the plans, and choose possible investors for due diligence opportunities.
Toshiba announced last month that ten potential investors had signed confidentiality agreements.
KKR & Co Inc, Blackstone Inc, Bain Capital, and Brookfield Asset Management were reportedly exploring bids, according to sources.
Sources said that Japanese corporations such as Japan Investment Corp, Japan Industrial Partners, and Polaris Capital Group were considering bidding.
It was unclear at the time which private equity companies had submitted formal offers or which firms might join forces in their proposals with others.
Toshiba has nominated an executive from M&A consultancy company Houlihan Lokey as chairwoman and activist shareholders as outside directors, according to investors, who believe this has raised the prospects of Toshiba consenting to a take-private deal.
Toshiba also said on Thursday that its operating profit for the fiscal year ending March 2031 will nearly treble from the previous fiscal year, reaching 600 billion yen ($4.6 billion).
It aspires to improve digital services, power management chip production, and research on next-generation nuclear reactors.
According to the report, the projection would serve as a starting point for conversations with possible investors.
(1 dollar = 130.0400 yen)
