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home / news releases / TOSBF - CVC reportedly pausing formal Toshiba bid amid CEO transition

TOSBF - CVC reportedly pausing formal Toshiba bid amid CEO transition

Toshiba Corp
CVC Capital Partners is reportedly delaying its formal offer to take Toshiba ([[TOSBF]],[[TOSYY]]) after the Japanese conglomerate's CEO resigned earlier this week.The firm made a preliminary $20B offer on April 6 and said a formal proposal would follow in about 10 days.Nikkei Asian Review sources say the formal offer is on hold "until further notice."Toshiba CEO Nobuaki Kurumatani, who formerly headed CVC's Japan business, resigned from his position on Wednesday and was replaced by Chairman Satoshi Tsunakawa. Sources say CVC wants to give the new CEO time to settle into the job before proceeding with the offer.Toshiba confirms to Nikkei that it hadn't received a formal offer as of Friday. The company previously formed a committee to review the offer when it does arrive.Related: Earlier this week, NAR reported that CVC would team with Bain Capital on its formal offer. KKR is also reportedly preparing to outbid CVC for Toshiba.

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CVC reportedly pausing formal Toshiba bid amid CEO transition
Stock Information
Company Name: Toshiba Corp
Stock Symbol: TOSBF
Market: OTC
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