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    6502   JP3592200004

TOSHIBA CORPORATION

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Toshiba : sets up team to review buyout plan by CVC Capital Partners

04/09/2021 | 04:58am EDT

Toshiba Corp. has set up a team to review a buyout offer by British private equity firm CVC Capital Partners to make the Japanese electronics and infrastructure giant private, sources close to the matter said Friday.

Toshiba President and CEO Nobuaki Kurumatani told reporters the company will discuss the matter "at a rigid framework with a limited number of members" in a bid to prevent information leakage.

The review team is led by Senior Executive Vice President Masayasu Toyohara.

Kurumatani said the organization excludes interested parties on Toshiba's board, including himself who served as chairman of CVC's Japan unit before joining Toshiba, and Yoshiaki Fujimori, who is an outside board member and an adviser for the British investment firm's arm in Japan.

Osamu Nagayama, chairman of Toshiba's board, said Friday that CVC would seek financing assistance from certain co-investors and financial institutions.

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

Toshiba's shares closed Friday at 4,265 yen, down 5.4 percent, from the previous day at the Tokyo Stock Exchange, extending losses following the release of the statement by the company's board chairman.

CVC'S plan needs approval from antitrust authorities, while the Japanese government would scrutinize the proposal as Toshiba has sensitive businesses including nuclear power and defense operations in terms of national security.

"This initial proposal by CVC was completely unsolicited and not initiated by Toshiba by all means. The proposal does not go through a detailed review of Toshiba's business," Nagayama said.

==Kyodo

© Kyodo News International, Inc., source Newswire

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Financials
Sales 2021 3 076 B 28 128 M 28 128 M
Net income 2021 84 063 M 769 M 769 M
Net Debt 2021 70 157 M 642 M 642 M
P/E ratio 2021 24,2x
Yield 2021 1,09%
Capitalization 2 047 B 18 710 M 18 716 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
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 4 526,00 JPY
Last Close Price 4 510,00 JPY
Spread / Highest target 19,3%
Spread / Average Target 0,35%
Spread / Lowest Target -12,9%
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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