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(Update 3) U.K. Fund CVC Capital Offers to Buy Toshiba

(Update 3) U.K. Fund CVC Capital Offers to Buy Toshiba

   Tokyo, April 7 (Jiji Press)--Entities including British investment fund CVC Capital Partners have offered to acquire major Japanese electronics and machinery maker Toshiba Corp. <6502>, it was learned Wednesday.
   They aim to take Toshiba private to thoroughly revamp the firm's governance system and help speed up its decision-making by fending off pressure from activist shareholders, informed sources said. The costs of acquisition may top 2 trillion yen, according to the sources.
   "We have received (an acquisition offer)," Toshiba President Nobuaki Kurumatani told reporters Wednesday. The firm discussed its response to the proposal at a board meeting Wednesday morning. Kurumatani previously served as chairman of CVC Capital's Japanese unit.
   Toshiba said in a statement the same day that it received an "initial proposal" on Tuesday, adding that it will ask for "further clarification" and give "careful consideration" to the buyout proposal.
   CVC Capital will is seen launching a tender offer for Toshiba, asking other investment funds to join the buyout scheme. A proposal has been floated to buy Toshiba shares at 5,000 yen apiece, about 30 pct above Tuesday's closing price on the Tokyo Stock Exchange, according to the sources.

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AFP-JIJI PRESS NEWS JOURNAL


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