On Friday, Toshiba’s board responded to the unexpected takeover bid from CVC Capital Partners, which dispelled the hope that an acquisition will take place soon.
On Wednesday, Toshiba announced that it had received a non-binding takeover proposal from CVC, which allegedly valued the Japanese company at over $ 20 billion. As a result, Toshiba’s share increased by 18 percent that day.
Toshiba’s CEO Osamu Nagayama argues that there has not yet been a comprehensive assessment of its business activities and that CVC also needs financial support from other investors.
A takeover process will be complex and will take time, Nagayama States. Several supervisors will also have to consider CVC’s plans.
Toshiba will therefore examine CVC’s proposal in more detail as soon as a more detailed plan is available.
The Toshiba stock fell by 5.4 percent on Friday morning.