Toshiba Corp. said Friday it has not received any fresh buyout proposals after British private equity firm CVC Capital Partners offered to take the Japanese industrial conglomerate private in early April.
Toshiba President and CEO Satoshi Tsunakawa, speaking in an online press conference on the company's fiscal 2020 earnings results, said the board will discuss any offers if they are "detailed and feasible."
Some existing major shareholders including activist funds have pushed Toshiba to consider the possibility of taking the company private to await new buyout plans.
The British equity firm last month proposed an offer worth over $20 billion to take Toshiba private, but sent a letter two weeks later saying it would consider suspending its takeover bid following opposition from some board members of the Japanese firm.
The management turmoil led to the abrupt resignation of former Toshiba President and CEO Nobuaki Kurumatani, as he had served as chairman of CVC's Japanese unit before joining the conglomerate.
On Friday, Toshiba reported a net profit of 113.98 billion yen ($1 billion) in the business year ended in March, marking a reversal from a net loss of 114.63 billion yen in the previous year, due to cost-cutting efforts and improved earnings in its chip-making affiliate Kioxia Holdings Corp.
Operating profit fell 20 percent to 104.40 billion yen on sales of 3.05 trillion yen, down 9.9 percent from a year earlier.
Toshiba said it expects its operating profit to jump 62.8 percent on sales of 3.25 trillion yen, up 6.4 percent, in the current business year, but did not provide its net profit outlook as it has yet to receive Kioxia's earnings forecast.
Toshiba also said Yoshiaki Fujimori, an outside director and an adviser for the British investment firm's arm in Japan, will leave the board at a general shareholders' meeting slated for June.
Fujimori's departure is seen as part of Toshiba's de facto rejection of the CVC proposal, but Tsunakawa said the outside director will leave the company as "he will have fulfilled his two-year term as a board member."
Toshiba said it will set up its "strategic review committee," consisting of outside directors and experts on finance and law, to support the board's decision-making after gaining approval at the shareholders' meeting.
"The committee will discuss our business and financial strategies and advise board members," Tsunakawa said.
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