TOSYY - CVC is said to team with Bain Capital for revised Toshiba bid

CVC Capital is said to be joining with Bain Capital to make an offer for Toshiba (TOSYY).CVC is expected to submit a revised offer for Toshiba that incudes Bain by Friday, according to a Nikkei report. Yesterday, the FT reported that KKR (KKR) is planning to offer more than $20b for Toshiba, outbidding CVC's bid.Toshiba ADR's fell 3.5% after gaining 12% yesterday on report of higher bid.Earlier, Toshiba confirmed that CEO Nobuaki Kurumatani has stepped down and will be replaced by Chairman Satoshi Tsunakawa, effective immediately.

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CVC is said to team with Bain Capital for revised Toshiba bid