Toshiba to weigh $20 bn buyout offer from UK fund

Private equity firm CVC Capital Partners is proposing taking Toshiba Corp private in a deal worth about $20 billion, a person familiar with the matter said, as the Japanese tech giant faces pressure from activist shareholders to improve its governance.

If realised, the deal will shield management of the scandal-hit conglomerate, particularly Chief Executive Nobuaki Kurumatani, from scrutiny amid calls from large overseas shareholders for greater transparency from its board.

“Toshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration,” Toshiba said in a statement, without providing further details.

Kurumatani told a group of reporters earlier that Toshiba’s board would discuss the proposal on Wednesday, according to the Nikkei business daily.