CVC Capital eyes $20B+ Toshiba takeover
April 8, 2021
CVC Capital Partners has made an offer to take Japan's Toshiba Corp. private for nearly 2.3 trillion yen (around $20.8 billion), Nikkei Asia reported.
- The bid, which represents a 30% premium to Toshiba's closing share price Tuesday, comes three weeks after shareholders voted in favor of an independent probe into the company's conduct.
- Last month, the Japanese conglomerate's largest shareholder, Singapore-based activist investor Effissimo, called for an investigation into allegations that investors were pressured to support management proposals at last year's annual meeting.
- Effissimo and Farallon Capital, the second-largest shareholder, have reportedly been critical of Toshiba's management. The company is led by CEO Nobuaki Kurumatani, who took the helm in 2018 in the wake of an accounting scandal and record losses.
- If the deal goes ahead, it would be Luxembourg-based CVC's biggest deal in Asia to date and the largest private equity buyout in the region this year. Shares in Toshiba jumped 18% Wednesday before trading was halted in Tokyo.