Toshiba board to appoint UBS as adviser for strategic review: Report

TOKYO/HONG KONG (Reuters) -Toshiba Corp’s board is set to appoint UBS as financial adviser to work on a strategic review for the Japanese conglomerate as it faces a possible private equity bidding war, people familiar with the matter said.

Last month, Toshiba became the target of a potential takeover bid and other bids could be forthcoming.

Investment banks have pitched to Toshiba’s independent directors for an advisory role, the people, who could not be named as the information has not yet been made public, told Reuters.

A UBS spokesman in Japan declined to comment.

Toshiba also declined to comment specifically on the appointment of UBS, but said in a statement to Reuters that the appointment of advisers would help increase the transparency around its decision-making.