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    6502   JP3592200004

TOSHIBA CORPORATION

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Toshiba : chairman issues cautious statement on CVC's take-private offer

04/09/2021 | 12:49am EDT

TOKYO, April 9 (Reuters) - The chairman of Toshiba Corp's board said on Friday a recent $20 billion offer by CVC Capital Partners to take the company private was contingent on various regulatory approvals and financing arrangements, suggesting any deal would take time.

"This initial proposal by CVC was completely unsolicited and not initiated by Toshiba," board chairman Osamu Nagayama said.

The offer comes three weeks after shareholders approved an independent investigation into the scandal-hit company.

Going private could help shield Toshiba and Chief Executive Nobuaki Kurumatani, who joined the company from CVC, from increasing pressure by activist shareholders who are demanding better governance.

Analysts have also warned of tough regulatory reviews, as Toshiba's business includes building nuclear reactors, supplying defence equipment and lithium-ion batteries used in submarines.

Nagayama said that CVC's proposal was contingent on financing assistance from co-investors and financial institutions.

"We expect that such a financing process would require a substantial amount of time and involve complexity for consideration," he said.

The Nikkei financial daily said state-backed Japan Investment Corp (JIC) and the Development Bank of Japan (DBJ) would join CVC's bid.

Both JIC and DBJ declined to comment.

CVC planned to launch a tender offer around early July and aimed to delist the shares in October, the Nikkei said.

Toshiba is expecting CVC to present a formal proposal as early as next week, which will be examined by a special committee made up of external directors, according to a source familiar with the matter.

The source, declining to be identified as the matter is private, said that CVC was offering about 5,000 yen per share, a 30% premium on their earlier value.

Toshiba shares fell 5.4% to 4,265 yen on the Tokyo Stock Exchange after the chairman's statement prompted investors to take a cautious view of a deal coming together.

Dozens of activist funds took stakes in Toshiba when the company sold 600 billion yen ($5.48 billion) of stocks in 2017 during a crisis stemming from the bankruptcy of its U.S. nuclear power unit. ($1 = 109.4200 yen) (Reporting by Ritsuko Ando, Makiko Yamazaki and Noriyuki Hirata; Editing by Himani Sarkar, Christopher Cushing and Ana Nicolaci da Costa)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NIKKEI 225 0.09% 29357.82 Real-time Quote.6.97%
TOSHIBA CORPORATION -0.11% 4545 End-of-day quote.57.54%
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Financials
Sales 2021 3 076 B 28 318 M 28 318 M
Net income 2021 84 063 M 774 M 774 M
Net Debt 2021 70 157 M 646 M 646 M
P/E ratio 2021 24,4x
Yield 2021 1,08%
Capitalization 2 063 B 19 003 M 18 989 M
EV / Sales 2021 0,69x
EV / Sales 2022 0,66x
Nbr of Employees 125 648
Free-Float 93,4%
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Technical analysis trends TOSHIBA CORPORATION
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 4 578,18 JPY
Last Close Price 4 545,00 JPY
Spread / Highest target 18,4%
Spread / Average Target 0,73%
Spread / Lowest Target -13,5%
EPS Revisions
Managers and Directors
NameTitle
Masayoshi Hirata Chief Financial Officer & Head-Accounting
Satoshi Tsunakawa President & Chief Executive Officer
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Yoshimitsu Kobayashi Independent Outside Director
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