TOSBF - Toshiba says CVC's take private bid has stalled

CVC Capital Partners submitted a final offer of sorts to take Toshiba ([[TOSBF]],[[TOSYY]]) private, but the Japanese conglomerate says the deal has stalled due to the lack of details in the proposal.CVC submitted letters that "merely stated that CVC would step aside to await our guidance as to whether a privatization of Toshiba would suit management’s and the Board of Directors," says Toshiba.Toshiba's board said the "proposal" lacked the details required for the company to evaluate the offer.Last week, reports suggested that CVC was holding off on the formal offer after Toshiba's CEO stepped down. CVC had submitted a preliminary unsolicited offer of over $20B. Toshiba had warned after the preliminary offer that the CVC deal would face financial structure and regulatory complications.

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Toshiba says CVC's take private bid has stalled