Toshiba must seek suitors, another big shareholder says, after CVC’s offer

Toshiba Corp’s second-biggest shareholder called on the Japanese conglomerate to undergo a strategic review and explicitly solicit suitors, saying potential acquirers were deterred by the company’s comments on wanting to remain listed.

The comments by 3D Investment Partners, which owns a 7.2% stake in Toshiba, come as a $21 billion buyout offer from CVC Capital Partners earlier this month has sparked expectations for a bidding war for the Japanese company.

While Toshiba dismissed that offer citing a lack of details, CVC has not thrown in the towel and sources have said some other private equity investors are also considering making bids.