TOKYO (Reuters) – Toshiba Corp said on Tuesday it has received another letter from CVC Capital Partners saying that the European private equity fund “would step aside to await” Toshiba’s guidance regarding its offer to take the Japanese company private.
Toshiba said its board viewed CVC’s initial offer, made a week ago, as lacking necessary information such as post-acquisition capital structure and management policies, and had decided it wasn’t possible to evaluate the buyout proposal.
Toshiba CEO Nobuaki Kurumatani resigned over CVC’s initial $20 billion buyout offer to take the firm private and retain management amid criticism by some in the company that the move was partly designed to shield Kurumatani from activist shareholders.
(Reporting by Makiko Yamazaki and Ritsuko Ando; editing by Louise Heavens and Jason Neely)
