Toshiba rejects $2B bid from Hitachi, CVC for Landis+Gyr
May 05, 2017
Energy Equipment | Zug, Switzerland
Toshiba (TKO: 6502) has turned down a $2 billion combined bid submitted late last month by PE firm CVC Capital Partners and Hitachi (TKO: 6501) for Landis+Gyr, the Swiss smart meter company owned by Toshiba since 2011, according to a Reuters report. The Japanese industrial conglomerate will instead angle for a better price ahead of a May 22 deadline for the unit's auction, which the embattled seller hopes will rope in other big PE names, also per Reuters. Toshiba's shares gained 4% Thursday.