Toshiba Eyes an Over $20 Billion Take-Private Offer

07 April 2021

    Toshiba is evaluating a $20 billion take-private offer from private equity firm CVC Capital Partners, a private source has reported.


    CVC is considering a 30% premium over Toshiba's current share price in a tender offer, placing the value of the offer at nearly $21 billion. The deal comes three weeks after shareholders have approved an independent investigation into the company, and could protect the company’s Chief Executive - Nobuaki Kurumatani from recent issues. 


    "Toshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration”, Toshiba said in a statement.


    "We believe that current shareholders, especially activists, will want a rather steep price”, LightStream Research analyst Mio Kato commented. Nevertheless, even if Toshiba accepts the current offer it would still be the biggest private equity-led deal in Asia Pacific this year, as well as CVC’s biggest foray into the region.


    Certain limitations may apply to the deal, however. Takuro Hayashi, an analyst at Iwai Cosmo Securities said:

    "Even though it faced bankruptcy Toshiba is still one of Japan's leading companies. It also has many businesses linked to government policies, so it seems a little unrealistic for it to become a foreign-owned private company”.


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