Toshiba said that a letter from CVC that it received Monday was “not possible to evaluate.”
Toshiba earlier said the CVC's initial proposal to take the company private was not viable, though it promised to review it.
The latest letter “contained no 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 Toshiba statement said.
The company has been struggling for years, saddled with its problem-laden nuclear power operations. It has sold its lucrative flash memory business to raise cash.
Some questions had been raised, both within and outside Toshiba, about the propriety of Kurumatani leading the board discussions on the proposed acquisition.
CVC, a European private equity firm based in Luxembourg, has committed nearly
The Toshiba statement said it was starting a new review of measures to increase its value and planned to appoint advisers to improve the transparency of its decision making.
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