Tokyo, Apr 7 (EFE) .- Shares of the technology company Toshiba shot up to 8% today at the start of the session of the Tokyo Stock Exchange, after its president confirmed that they have received an offer to purchase the fund of investment CVC Capital Partners.
Shortly before the end of the first hour of negotiation, the Tokyo stock exchange operator suspended the company’s listing due to the excess of operations after the information.
The president and CEO of Toshiba, Nobuaki Kurumatani, confirmed this Wednesday the information about the offer, advanced by the economic daily Nikkei, and about which the company’s board of directors will discuss at a meeting of its board of directors in the coming hours.
According to Nikkei, CVC would be considering offering a 30% premium over the current price of the Japanese group’s shares, which would raise the value of the operation to almost 2.3 trillion yen (about 17.7 billion euros or 20.9 billion dollars ).
The investment fund is also considering attracting other investors to participate in the acquisition.
The proposal would aim to speed up decision-making at a conglomerate that has frequently faced complaints from its activist investors as it tries to recover from a series of scandals and heavy losses in recent years.
Among the most recent episodes, in March Toshiba shareholders voted in favor of the proposal by Singaporean fund Effissimo Capital, its largest shareholder, to open an independent investigation into the legitimacy of the company’s top leadership after denouncing irregularities in the vote to re-elect. to Kurumatani.
The offer would limit this type of conflict, by leaving the company in the hands of a single shareholder.
Kurumatani, the first appointed non-group chairman in 53 years, was vice chairman of the Sumitomo Mitsui financial group before becoming chair of CVC’s Japanese branch.
In order for the operation to go ahead, it is first necessary to obtain authorization from the Japanese regulator. The Ministry of Finance would have to review the offer in advance, by virtue of the regulations implemented in 2020 that imposes greater scrutiny of foreign investment in companies with businesses in certain areas.
Toshiba has starred in a succession of accounting scandals in recent years, which earned it reprimands from Japanese regulators, and its financial troubles have led it to divest itself of its nuclear branch in the United States and its semiconductor subsidiary, the most profitable in the world. once Japanese tech giant.
(c) EFE Agency