Toshiba rebuffs CVC takeover offer

Toshiba Corp. rebuffed a takeover proposal from private-equity firm CVC Capital Partners, saying the proposal didn’t have enough detail to be considered and Toshiba preferred to remain a public company.

Toshiba said CVC hadn’t provided specific information about the bidding group and its post-acquisition business plan.

“As this preliminary proposal lacks the required information, the board has concluded it is not possible to evaluate it,” Toshiba said.

A representative of CVC declined to comment on Tuesday’s release. The private-equity firm has said it preferred to make a deal under nonhostile conditions and valued partnership.