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The offer will be discussed at a board meeting, said company boss Nobuaki Kurumatani on Wednesday in Tokyo.
A statement said that Toshiba would ask for more information and will carefully examine the offer. The Japanese business newspaper “Nikkei” reported that CVC wanted to offer the equivalent of 21 billion dollars (around 17.7 billion euros) for the traditional Japanese company.
A takeover by a non-Japanese bidder would have to be approved by the Tokyo government for reasons of national security. Since Toshiba is also active in strategic areas such as nuclear power, such a transaction would be examined very carefully.
The group of companies, founded in 1875, had to initiate an extensive reorganization after it was embroiled in an accounting scandal in 2015 and the entry into the US nuclear power plant business had grown into an existential crisis. The group was also hit by the aftermath of the Fukushima nuclear disaster in 2011.
After the scandal – according to a commission of inquiry, the company had inflated its net profit for seven years through accounting trickery – and the bankruptcy of Westinghouse Electric in the USA, the former model company wrote high losses. For example, Toshiba sold its lucrative memory chip division, and the company no longer manufactures PCs and televisions. In 2018 the group reported profits for the first time in four years.
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Image sources: istockphoto / tbradford