Monday, April 26, 2021
Japanese conglomerate Toshiba Corp. (TOSYY.PK, TOSBF.PK) on Tuesday announced that it would not evaluate a renewed bid made by private equity firm CVC Asia Pacific Ltd to acquire the company.
The company said that a letter provided by CVC Asia does not offer any details about its capital structure or management policies after the acquisition process is complete. Toshiba also said that CVC also did not provide an assurance of compliance with local and foreign laws and regulations.
Toshiba added that the letter from CVC Asia also did not "contain any specific and detailed information capable of detailed evaluation."
"It merely stated that CVC would step aside to await our guidance as to whether a privatization of Toshiba would suit management's and the Board of Directors' strategic objectives," the company added.
Earlier, Toshiba had received a preliminary and non-legally binding proposal from CVC Asia for a private acquisition and takeover of the company. However, as the company felt that it was not a proper and feasible acquisition proposal, it said that it would review it after receiving more information from CVC Asia.
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