Shareholder activists have long wanted to take power at the traditional Japanese company. Now the European fund CVC is rushing to the management’s aid and wants to take Toshiba off the stock exchange.
Japan is facing one of the largest voluntary delistings in its economic history. The European private equity fund CVC Capital Partners plans to present the shareholders of the long-established Toshiba group with a takeover offer amounting to 21 billion dollars. After that, the fund wants to take the troubled traditional group off the stock exchange, reports Japan’s business newspaper “Nikkei”. CEO Nobuaki Kurumatani announced on Wednesday morning that the board received a proposal on Tuesday and will discuss it on Wednesday.