The chairman of Toshiba Corp’s board on Friday issued a statement on CVC Capital Partners’ recent offer to take the company private, saying it was unsolicited and that a deal would require various antitrust approvals and financing. “This initial proposal by CVC was completely unsolicited and not initiated by Toshiba,” board chairman Osamu Nagayama said.

Toshiba is considering a $20 billion offer from the private equity firm. A deal would help shield Toshiba and Chief Executive Nobuaki Kurumatani, who joined the company from CVC, amid increasing pressure from activist shareholders.

“We expect that such financing process would require a substantial amount of time and involve complexity for consideration,” he said, adding that the board would carefully review the proposal.


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Source: Reuters

Reporting by Ritsuko Ando; Editing by Himani Sarkar and Christopher Cushing