TOSBF - Toshiba board strikes pessimistic tone on CVC's $21B take private offer

Toshiba ([[TOSBF]],[[TOSYY]]) board chair Osamu Nagayama throws some cold water on the offer from CVC Capital Partners to take the company private, saying the offering isn't legally binding and that there are important factors to consider, which include the complicated path to approval.Nagayama says CVC would have to form a consortium to line up financing for the $20.7B deal, a process that would "require a substantial amount of time and involve complexity for consideration."Toshiba's board will conduct a "careful review of the initial proposal when it is further clarified in the future," and the board notes that the offer was "completely unsolicited."The Japanese conglomerate is consider a homegrown giant with fingers in several important industries including nuclear and memory through its Kioxia stake, which could create complicated hurdles for an acquisition by a foreign company.Toshiba first revealed receiving a preliminary acquisition proposal earlier this week.

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Toshiba board strikes pessimistic tone on CVC's $21B take private offer