Apr 14, 2021

Toshiba president steps down amid $20bn buyout bid

Toshiba's chief executive resigned on Wednesday amid controversy over a $20bn buyout bid from private equity firm, CVC Capital Partners. In a meeting following the announcement, Toshiba's chairman Osamu Nagayama said CVC's bid was unsolicited and lacking in substance, and requires cautious consideration. Toshiba shares were up more than 6% in Asian morning trading on Wednesday following media reports of potential rival bids for the company from rival bidders. The Japanese conglomerate said on 7 April that it had received an offer to take the company private from buyout firm CVC. The bid reportedly valued Toshiba at $20bn. Hong Kong-based activist investment firm Oasis Management criticised the proposal, saying on Tuesday that the bid was far below the fair value of Toshiba.

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