Toshiba says 10 potential investors signed confidentiality pacts

TOSHIBA said it has signed confidentiality pledges with 10 potential investors and sponsors as the company solicits proposals on privatisation and other strategic alternatives.

The 10 groups received detailed information on the company’s business and finances after signing the agreements, the Tokyo-based firm said in a statement. The deadline for submitting non-binding proposals is May 30, it said.

Toshiba has added JPMorgan Chase & Co and Mizuho Financial Group to help evaluate the submissions, it said, confirming an earlier Bloomberg News report. The company had already hired Nomura as an adviser.

Toshiba said last month it would start soliciting proposals from potential investors on privatisation and other strategic alternatives. That came after shareholders voted down a plan put forward by management to split the company in two.

Blackstone is considering teaming up with KKR & Co on a joint bid for the conglomerate, while CVC Capital Partners and Bain Capital are also mulling offers, Bloomberg News reported this week.

Earlier on Friday (May 13), Toshiba postponed a planned announcement on the nomination of board directors, saying it needed more time. 

SEE ALSO

Private equity firms eyeing Toshiba buyout face nuclear dilemma

Toshiba's talk of privatisation leaves some analysts with doubts

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Proposed candidates for external director positions were met with opposition from some Toshiba executives for being close to activist shareholders, the broadcaster TV Tokyo reported, citing an unidentified company official. BLOOMBERG