CVC delays Toshiba buyout offer after CEO change - Nikkei
Reuters
Published Apr 16, 2021 01:00PM ET
Updated Apr 16, 2021 01:25PM ET
(Reuters) -Private equity firm CVC Capital Partners will delay submitting a formal proposal to buy Toshiba (OTC:TOSYY) Corp, following the appointment of a new chief executive officer by the Japanese industrial group, the Nikkei reported on Friday.
CVC believes Toshiba's new leadership will need time to settle in before it can make any decisions on a potential buyout, the report said. (https://s.nikkei.com/3tqqttb)
Toshiba and CVC did not immediately respond to requests for comment.
Earlier this week, Toshiba CEO Nobuaki Kurumatani resigned amid controversy over the $20 billion buyout bid from CVC Capital Partners. (https://reut.rs/3x3UEZa)
Satoshi Tsunakawa, who led the company before Kurumatani and until Wednesday was chairman, will once again assume the helm.
Kurumatani, CEO for three years, had been under fire over the bid from CVC, his former employer. He was also facing allegations that investors were pressured before a shareholder meeting to support desired board nominations.
U.S-listed shares of Toshiba fell 6% following the report.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.