Apr 7, 2021
Toshiba confirms $20bn buyout bid from equity fund
Toshiba's US-listed shares rocketed almost 20% after the bid was revealed. Toshiba's chief executive and president Nobuaki Kurumatani confirmed the offer from CVC Capital Partners - his former employer - on Wednesday, adding that "We'll discuss it in a board meeting." Toshiba is one of Japan's oldest and largest firms whose business empire stretches from home electronics to nuclear power stations. Toshiba's shares were still demoted to the Tokyo Stock Exchange's second tier in 2017 and only returned to the first section in January. The deal with CVC would rank among the top 20 largest leveraged buyouts in history but due to Toshiba's involvement in nuclear power stations, it would require the Japanese government's permission.
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