Toshiba Rebuffs CVC Acquisition Bid
Toshiba Corporation of Tokyo, Japan, today issued a statement rejecting CVC Asia Pacific’s proposed $20 billion acquisition, a move that would have made Toshiba private.
Toshiba had earlier stated that it would review the offer based upon further information provided by CVC. However, it stated that a new letter from CVC did not provide sufficient information. Specifically, Toshiba stated the information lacked a description of CVC’s capital structure, as well as post-management policies, and assurance of compliance with national security laws, foreign regulations, and competition laws. Consequently, the Toshiba board has concluded it’s not possible to evaluate CVS’s offer.
It did state however that it may possibly be open to future acquisition bids, including those that would take it private. Currently, two private-equity funds are said to be considering a bid for Toshiba, as well as two government-back Japan investment funds.
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