{"id":120075,"date":"2021-04-07T04:10:05","date_gmt":"2021-04-07T04:10:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=120075"},"modified":"2021-04-07T04:10:05","modified_gmt":"2021-04-07T04:10:05","slug":"japans-toshiba-to-get-proposal-to-go-private-from-cvc-capital-source","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/japans-toshiba-to-get-proposal-to-go-private-from-cvc-capital-source\/","title":{"rendered":"Japan's Toshiba to get proposal to go private from CVC Capital: source"},"content":{"rendered":"

(Reuters) – Private equity firm CVC Capital Partners will propose taking Toshiba Corp private in a deal worth more than 2 trillion yen ($18 billion), a person familiar with the matter said, as the Japanese firm is embroiled in a battle with activist shareholders.<\/p>

FILE PHOTO: A reporter raises his hand for a question during a Toshiba news conference at the company headquarters in Tokyo, Japan June 23, 2017. REUTERS\/Issei Kato<\/figcaption>

If realized, the deal will save management of the scandal-hit conglomerate, particularly embattled Chief Executive Nobuaki Kurumatani, from scrutiny amid calls from large overseas shareholders for greater transparency and better governance.<\/p>\n

\u201cWe\u2019ve received the proposal,\u201d Kurumatani told a group of reporters, according to the Nikkei newspaper. \u201cWe\u2019ll discuss it at a board meeting\u201d to be held on Wednesday, he added.<\/p>\n

The Tokyo Stock Exchange suspended trading in Toshiba\u2019s shares after the Nikkei reported the proposal earlier.<\/p>\n

Kurumatani, a former banker at main Toshiba lender Sumitomo Mitsui Financial Group, headed the Japanese arm of CVC before joining Toshiba. One of Toshiba\u2019s board members is senior adviser of CVC Japan.<\/p>\n

U.S.-listed shares of Toshiba jumped 19.4% after the report.<\/p>\n

CVC is considering a 30% premium over Toshiba\u2019s current share price in a tender offer, the Nikkei business daily reported. That would put the value of the deal at more than 2 trillion yen based on Tuesday\u2019s close.<\/p>\n

CVC is looking to expand in Japan, taking advantage of large Japanese companies under pressure to sell non-core assets and improve returns to shareholders. It is buying Shiseido Co Ltd\u2019s lower-priced skincare and shampoo brands for $1.5 billion.<\/p>\n

An acquisition of Toshiba, one of Japan\u2019s few manufacturers of nuclear power reactors, needs government approval.<\/p>\n

Toshiba declined to comment on the news and CVC did not immediately respond to a Reuters request for comment.<\/p>\n

The battle between activist investors and Toshiba management has played out in public view, and is seen as a test case for whether the established giants of corporate Japan can respond to calls for better governance.<\/p>\n

The Japanese firm has been under pressure from activist funds since it sold 600 billion yen of stock to dozens of foreign hedge funds during a crisis stemming from the bankruptcy of its U.S. nuclear power unit in 2017.<\/p>\n

($1 = 109.7500 yen)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Private equity firm CVC Capital<\/p>\n","protected":false},"author":3,"featured_media":120074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nJapan's Toshiba to get proposal to go private from CVC Capital: source - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/japans-toshiba-to-get-proposal-to-go-private-from-cvc-capital-source\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Japan's Toshiba to get proposal to go private from CVC Capital: source - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – Private equity firm CVC Capital\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/japans-toshiba-to-get-proposal-to-go-private-from-cvc-capital-source\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-07T04:10:05+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/04\/cnewsfotor1663.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/japans-toshiba-to-get-proposal-to-go-private-from-cvc-capital-source\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/japans-toshiba-to-get-proposal-to-go-private-from-cvc-capital-source\/\",\"name\":\"Japan's Toshiba to get proposal to go private from CVC Capital: source - 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