Toshiba shares surged as much as 6.5% in Tokyo after Reuters reported that bidders are considering to take the company private, which would value the deal at $22bn.
A €7,000 offer price would represent up to a 27% premium to Toshiba’s (OTCPK:TOSBF) share price of €5,501 as of Wednesday’s close, although the range of pricing and conditions for privatization was widespread, the report said.
Apollo Global, Bain Capital, Baring Private Equity, Blackstone, Brookfield Asset Management, CVC Capital Partners, KKR and MBK Partners have all submitted initial bids, according to the report.
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Toshiba, which is exploring strategic options, said this month it received eight initial buyout proposals and two proposals for capital alliances that would see it remain listed.
Toshiba’s second-largest shareholder 3D Investment Partners is pushing for the company to open talks on a take-private deal.
Bain has secured the backing of Toshiba’s largest shareholder, Effissimo, and opened talks with other investors on a potential deal to take the 146-year-old Japanese conglomerate private.
Source: SeekingAlpha
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