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The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File photoFour Toshiba Corp (6502.T) directors called on Friday for a shake-up of its management and board, in a sign of revolt after an investigation found the conglomerate colluded with the Japanese government to "beat up" foreign shareholders. The investigators detailed one email among top Toshiba managers about the company's largest shareholder, Singapore-based hedge fund Effissimo Capital Management. It doesn't mean they're perfect yet," said Brian Heywood, CEO of Taiyo Pacific Partners, an activist fund that has operated in Japan for 20 years. As a result, activist investors are estimated to account for 25% of Toshiba's shareholder base.
Persons: Kim Kyung, Jerome Black, Paul Brough, Ayako Weissman, George Zage, METI, Yoshihide Suga, Suga, Hiroshi Kajiyama, Hiromichi Mizuno, Mizuno, Brian Heywood, Glass Lewis, Osamu Nagayama, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Japan Inc, Ministry, Economy, Trade, Industry, Toshiba, Capital Management, Investment Partners, Harvard, Reuters, Tesla Inc, Investment Fund, Innovative Finance, Sustainable Investment, JAPAN, Taiyo Pacific Partners, CVC Capital, Thomson Locations: Kawasaki, Japan, Singapore, Tokyo
REUTERS/Toru Hanai/File PhotoJapan's influential trade ministry effectively colluded with Toshiba Corp's (6502.T) management to influence shareholders votes on director nominees at last year's annual general meeting, an independent probe has found. The Harvard fund ultimately abstained from voting. The probe also found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. Toshiba said it "will carefully review this investigation report and plans to announce its comments towards this investigation result at a later date."
Persons: Toru Hanai, Toshiba Corp's, Nobuaki Kurumatani, Effissimo Organizations: Toshiba Corp, REUTERS, Toshiba, Economy, Trade, Industry, Harvard, Singapore, Effissimo Capital Management, CVC Capital, Reuters, Thomson Locations: Tokyo, Japan
REUTERS/Toru Hanai/File PhotoJapan's trade ministry colluded with Toshiba Corp's (6502.T) management to unduly influence a key shareholder vote last year, an independent probe found, undermining Tokyo's efforts to improve corporate governance and win over foreign investors. Toshiba's management "worked closely" with the ministry to exert "undue influence on some shareholders," the report found. The probe, conducted by three lawyers, found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. CVC's offer to take the Japanese conglomerate private and retain incumbent management was perceived by some in the company as designed to shield Kurumatani from activist shareholders, Toshiba sources have said.
Persons: Toru Hanai, Toshiba Corp's, Shinzo Abe, METI, barbecuing, Toshiba's, Yoshihide Suga, Abe, Suga, Effissimo, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Reuters, Effissimo Capital Management, Investment Partners, CVC Capital, Thomson Locations: Tokyo, Japan, Singapore
The probe's findings mark an explosive turn in a long battle between the Japanese company's management and foreign shareholders, which include activist investors and Harvard University's endowment fund. The investigators also allege that Suga encouraged the pressure on Toshiba investors in a breakfast meeting with a senior company executive last July. A spokesperson for the Harvard fund declined to comment, while 3D did not immediately respond to a request for comment. The Harvard fund ultimately abstained from voting. Toshiba said at the time it was not involved in any efforts to pressure Harvard.
Persons: Yoshihide Suga, Suga, METI, Toru Hanai, Shinzo Abe, barbecuing, Nicholas Benes, Will, Hiromichi Mizuno, Nobuaki Kurumatani Organizations: Toshiba Corp, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Effissimo Capital Management, Reuters, REUTERS, Investment Partners, Training, of Japan, CVC Capital, Thomson Locations: Tokyo, Singapore, Japan
SoundPoint to Buy CVC Lending Unit
  + stars: | 2021-06-07 | by ( Matt Wirz | ) www.wsj.com + 0.58   time to read: +1 min
Alternative asset manager SoundPoint Capital Management LP has struck a deal to buy the U.S. direct lending arm of CVC Capital Partners , according to a person familiar with the matter. Luxembourg-based CVC is selling about $1 billion of loans it made to small and medium-size U.S. companies and a nine-member investment team led by Thomas Newberry and David DeSantis. The firm, which is best known for its $89 billion private-equity business, expanded into U.S. direct lending about five years ago by purchasing the private-credit operation Mr. DeSantis ran at Resource Capital Corp. Private debt investing by nonbank institutions is booming, hitting almost $1 trillion in assets in September compared with $264 billion in 2009, according to data from Preqin. An index of direct-lending funds returned 5.45% in 2020, according to data from Cliffwater LLC, and direct-lending funds have raised or are slated to raise about $44 billion in 2021, according to data from Preqin.
Persons: Thomas Newberry, David DeSantis, DeSantis Organizations: SoundPoint Capital, CVC Capital Partners, New, Resource Capital Corp, Cliffwater LLC Locations: New York, Luxembourg, Preqin
HONG KONG (Reuters) - Mergers and acquisitions targeting technology companies have hit a record high in Asia Pacific, Dealogic data shows, and dealmakers expect this M&A pace to continue as the pandemic spurs a shift toward virtual activities in the economy. Slideshow ( 2 images )Tech M&A has totalled $136.2 billion in 2020, more than double the year-ago levels, according to data provider Dealogic. Tech deals accounted for 28% of the regions’ overall M&A transactions, which totalled $482.4 billion as of Wednesday, the highest share in at least a decade, the data shows. The survey of 800 senior executives in Asia Pacific shows over three quarters of the respondents predicting tech deals would increase markedly in the next 12 months. Grab’s rival Gojek and e-commerce leader Tokopedia have also announced a merger to create a multi-billion dollar tech company in Indonesia’s largest-ever deal.
Persons: Jung Min, Goldman Sachs, Baker McKenzie, Tokopedia Organizations: Reuters, Tech, Technology, Media, Telecom, Goldman, Corporate, Asia Pacific, Grab Holdings, Mega, Japan’s Toshiba Corp, Toshiba, UBS, CVC Capital Locations: HONG KONG, Asia Pacific, Asia, Japan, Southeast Asia, Indonesia’s
TOKYO/PARIS (Reuters) -A unit of Toshiba Corp was hit by a ransomware attack, overshadowing an announcement of a strategic review for the conglomerate and an upbeat profit forecast. FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. The move follows a $20 billion offer from CVC Capital to take the conglomerate private that Toshiba has said lacked substance. Sources have said some other private equity investors such as KKR & Co Inc and Bain Capital are also interested in Toshiba. The Asahi newspaper reported on Friday that Bain Capital is not considering buying Toshiba, citing an interview with Yuji Sugimoto, the Japan head for Bain Capital.
Persons: overshadowing, Issei Kato, Nobuaki Kurumatani, Yuji Sugimoto Organizations: Toshiba Corp, REUTERS, Issei Kato Toshiba Tec Corp, U.S . FBI, Colonial, Reuters, Soviet Union, UBS, CVC Capital, Toshiba, KKR, Co Inc, Bain Capital, Asahi Locations: TOKYO, PARIS, Kawasaki, Japan
TOKYO/PARIS (Reuters) -A Toshiba Corp unit said it was hacked by the DarkSide ransomware group, overshadowing an announcement of a strategic review for the Japanese conglomerate under pressure from activist shareholders to seek out suitors. Employees accessing company computer systems from home during pandemic lockdowns have made firms more vulnerable to cyber attacks, he added. At a briefing by the company on Friday, 3D Investment Partners and Farallon Capital Management, its No. 3 shareholders respectively, both criticised Toshiba for appearing reluctant to consider offers to go private. FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017.
Persons: , Takashi Yoshikawa, Nobuaki Kurumatani, Satoshi Tsunakawa, Issei Kato, Yuji Sugimoto, Kurumatani, George Olcott Organizations: Toshiba Corp, Toshiba Tec Corp, Toshiba, Mitsui, Secure Directions, Employees, Soviet Union, CVC Capital, UBS, CVC, Investment Partners, Farallon Capital Management, KKR, Co Inc, Bain Capital, REUTERS, Asahi, Bain Capital’s, Kirin Holdings Locations: TOKYO, PARIS, Kawasaki, Japan, Bain Capital’s Japan
ZURICH, May 4 (Reuters) - Swiss cyber security firm Acronis said on Tuesday it has received more than $250 million in a financing round led by CVC Capital valuing it at more than $2.5 billion. Founded in Singapore in 2003, the privately-held firm views this latest investment as one of its last prior to a future “liquidity event”, the head of Acronis said. “We’ve always considered New York Stock Exchange or NASDAQ as a primary market,” Beloussov said, pointing to the group’s American investment base. I’m a Singaporean citizen, and we’re a Swiss company. Beloussov said he and the firm’s co-founders hold a majority of Acronis, while Goldman Sachs is another investor.
Persons: Acronis, , Serguei Beloussov, Beloussov, “ We’ve, ” Beloussov, we’re, Goldman Sachs, Brenna Hughes Neghaiwi, Oliver Hirt, Alexander Smith Organizations: CVC Capital, Reuters, New York Stock Exchange, NASDAQ Locations: ZURICH, Swiss, Singapore, New York, Switzerland, New, cybersecurity
The cybersecurity startup Acronis announced that it raised $250 million at a $2.5 billion valuation. The pandemic and recent hacks have shown firms that cyber services are "mission critical," he said. The pandemic and massive hacks like SolarWinds have increasingly spurred businesses to realize the importance of cyber hygiene — and it's a financial windfall to security providers. The round was led by CVC Capital and comes on the heels of $147 million that Acronis raised in 2019 from Goldman Sachs. Much of its sales are done through over 10,000 active transacting partners like managed service providers, telcos, and cloud providers.
Persons: Serguei Beloussov, Goldman Sachs, It's, Beloussov, Acronis Organizations: Acronis, CVC Capital, Service, Intel Locations: Singapore, Switzerland
FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. Earlier this month, U.S. hedge fund Farallon Capital Management, Toshiba’s third-largest shareholder with a stake of around 6%, also called on the Japanese conglomerate to seek other offers from potential suitors. Singapore-based Effissimo Capital Management, Toshiba’s top shareholder with a stake of around 10%, has not commented since CVC’s offer was made public. Bain Capital, KKR & Co Inc and Canada’s Brookfield Asset Management are also looking at potential bids for Toshiba, Reuters has reported. 3D estimated Toshiba’s fair stock value in excess of 6,500 yen, compared to Monday’s closing price of 4,465 yen.
Persons: Issei Kato, , Organizations: Toshiba, Toshiba Corp, REUTERS, Investment Partners, CVC Capital Partners, Farallon Capital Management, Effissimo Capital Management, Bain Capital, KKR, Co Inc, Brookfield Asset Management, Reuters, Locations: TOKYO, Kawasaki, Japan, U.S, Singapore, Brookfield
Toshiba's No.2 shareholder asks company to openly seek suitors
  + stars: | 2021-04-26 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File PhotoToshiba Corp's (6502.T) second-biggest shareholder called on the Japanese conglomerate to conduct a strategic review and explicitly solicit suitors, criticising the company's comments on wanting to remain listed as deterring potential acquirers. Toshiba dismissed last week a $20 billion buyout offer from CVC Capital Partners as lacking detail. Bain Capital, KKR & Co Inc (KKR.N) and Canada's Brookfield Asset Management (BAMa.TO) are also looking at potential bids for Toshiba, Reuters has reported. In the letter, Singapore-based 3D said it estimated Toshiba's fair stock value in excess of 6,500 yen.
Persons: Issei Kato Organizations: Toshiba Corp, REUTERS, Toshiba, Investment Partners, CVC Capital Partners, Bain Capital, KKR, Co Inc, Brookfield Asset Management, Reuters, Thomson Locations: Kawasaki, Japan, Brookfield, Singapore
Toshiba’s No.2 shareholder asks company to openly seek suitors
  + stars: | 2021-04-26 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File PhotoToshiba Corp’s (6502.T) second-biggest shareholder called on the Japanese conglomerate to conduct a strategic review and explicitly solicit suitors, criticising the company’s comments on wanting to remain listed as deterring potential acquirers. Toshiba dismissed last week a $20 billion buyout offer from CVC Capital Partners as lacking detail. Bain Capital, KKR & Co Inc (KKR.N) and Canada’s Brookfield Asset Management (BAMa.TO) are also looking at potential bids for Toshiba, Reuters has reported. In the letter, Singapore-based 3D said it estimated Toshiba's fair stock value in excess of 6,500 yen.
Persons: Issei Kato Organizations: Toshiba Corp, REUTERS, Toshiba, Investment Partners, CVC Capital Partners, Bain Capital, KKR, Co Inc, Brookfield Asset Management, Reuters, Thomson Locations: Kawasaki, Japan, Brookfield, Singapore
FILE PHOTO: Soccer Football - Premier League - Leeds United v Liverpool - Elland Road, Leeds, Britain - April 19, 2021 People protest the planned European Super League outside the stadium before the match. If there is money, there is money for everyone,” Perez told Spanish radio station Cadena Ser. While some of those involved behind-the-scenes say that the super league may yet be revived in some form, its lengthy gestation was an indication of how hard a deal was to achieve. Laghrari, Matitia and Prado could not be reached for comment when contacted via Key Capital, which confirmed it has been advising Perez on the ESL project. A source close to CVC said that its deal was delayed by the “politics of the Super League” whose collapse meant the CVC proposal could be revived.
Persons: Florentino Perez, Lee Smith, , ” Perez, Perez, , Anas Laghrari, “ Laghrari, Florentino Perez’s, Perez doesn’t, Alex Matitia, Borja Prado, Laghrari, Prado, Jamie Dimon, Ignacio de la, Andrea Agnelli, Cristiano Ronaldo, Agnelli, Joel Glazer, Glazer, Fenway’s John Henry, Cadena Ser Organizations: Madrid’s Santiago Bernabeu, Football, Premier League, Leeds United, Liverpool, Elland, Super League, Super League REUTERS, Real, European Super League, ESL, Real Madrid, Spanish, Cadena, Reuters, Key Capital, Group, Bernabeu, JPMorgan, Abertis, CATENACCIO, Juventus, Juventus ’, Serie, CVC Capital Partners, CVC, Milan’s, Elliott Management Corporation, Manchester United, Fenway Sports Group, Boston Red Sox, West, Manchester City, London, Arsenal, Chelsea, Tottenham Hotspur Locations: MADRID, Madrid’s Santiago, Leeds, Britain, Real Madrid, Madrid, Abertis, Italy, Matitia, Spanish, Iberia, London, Turin, York, Elliott, Fenway
Soccer Football - Premier League - Leeds United v Liverpool - Elland Road, Leeds, Britain - April 19, 2021 People protest the planned European Super League outside the stadium before the match. If there is money, there is money for everyone," Perez told Spanish radio station Cadena Ser. While some of those involved behind-the-scenes say that the super league may yet be revived in some form, its lengthy gestation was an indication of how hard a deal was to achieve. Laghrari, Matitia and Prado could not be reached for comment when contacted via Key Capital, which confirmed it has been advising Perez on the ESL project. read moreA source close to CVC said that its deal was delayed by the “politics of the Super League” whose collapse meant the CVC proposal could be revived.
Persons: Lee Smith, Florentino Perez, Perez, Anas Laghrari, Laghrari, Florentino Perez's, Perez doesn't, Alex Matitia, Borja Prado, Prado, Jamie Dimon, Ignacio de la, Andrea Agnelli, Cristiano Ronaldo, Agnelli, Joel Glazer, Glazer, Fenway's John Henry, Cadena Ser Organizations: Soccer Football, Premier League, Leeds United, Liverpool, Elland, Super League, Super League REUTERS, Madrid’s Santiago Bernabeu, Real, European Super League, ESL, Real Madrid, Spanish, Cadena, Reuters, Key Capital, Group, Bernabeu, JPMorgan, Abertis, Juventus, Serie, CVC Capital Partners, CVC, Milan's, Elliott Management Corporation, Manchester United, Fenway Sports Group, Boston Red Sox, West, Manchester City, London, Arsenal, Chelsea, Tottenham Hotspur, Thomson Locations: Leeds, Britain, Madrid’s Santiago, Real Madrid, Madrid, Abertis, Italy, Matitia, Spanish, Iberia, London, Turin, York, Elliott, Fenway
Japanese shares extend losses as investors brace for more lockdowns
  + stars: | 2021-04-21 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO, April 21 (Reuters) - Japanese shares extended losses on Wednesday as investor fears of potential lockdowns in the country’s biggest cities cast doubts over the prospects of an economic reopening. “Global investors find little reason to buy Japanese stocks because Japan is lagging behind other countries in terms of containing the virus,” said Hideyuki Ishiguro, senior strategist, Daiwa Securities. New declarations would mark the third full state of emergency in Japan since the epidemic began. Nippon Steel tumbled 5.4%, while JFE Holdings and Kobe Steel lost 5.39% and 4.87%, respectively. SoftBank Group gained 1.03% amid news that its $100 billion Vision Fund is widely seen reporting record earnings next month.
Persons: , Hideyuki Ishiguro, Tencent, Junko Fujita, Rocky Swift, Shounak Dasgupta, Sherry Jacob, Phillips Organizations: Nikkei, “ Global, Daiwa Securities, NHK, Nomura Research Institute, Nippon Steel, JFE Holdings, Kobe Steel, Toshiba, CVC Capital Partners, Rakuten Group, SoftBank Locations: TOKYO, Japan, Tokyo, Osaka, United States
Bain Capital weighing bid to take Toshiba private - sources
  + stars: | 2021-04-21 | by ( Scott Murdoch | Kane Wu | ) www.reuters.com sentiment -0.96   time to read: +2 min
HONG KONG (Reuters) - Bain Capital is looking at formulating a bid to acquire Toshiba Corp, two people familiar with the matter said. CVC had initially approached Bain about a joint bid before its offer was made public but Bain was not interested, one of the people said. Bain’s plans for a Toshiba bid are preliminary and could change, said the sources, who declined to be identified as the information was confidential. Mizuho also declined to comment, while Sumitomo Mitsui Banking Corp did not immediately respond to a Reuters request for comment. A Brookfield representative could not be immediately reached for comment but the company has previously declined to comment on reports of potential bid.
Persons: Issei Kato, Bain, Mizuho Organizations: Reuters, Bain, Toshiba Corp, Toshiba, REUTERS, CVC Capital Partners, CVC, Mizuho Financial Group Inc, Sumitomo Mitsui Financial Group, South Korean chipmaker SK Hynix, Apple Inc, Kioxia Holdings, Sumitomo Mitsui Banking Corp, KKR, Co Inc, Brookfield Asset Management Locations: HONG KONG, Tokyo, Japan, U.S, Brookfield
Bain Capital considering bid to take Toshiba private -sources
  + stars: | 2021-04-21 | by ( Scott Murdoch | Kane Wu | ) www.reuters.com + 0.00   time to read: +4 min
A preliminary $20 billion buyout offer from CVC Capital Partners this month put Toshiba in play. Toshiba, however, on Tuesday dismissed the CVC bid as lacking in substance although it said it would consider any credible offers. CVC approached Bain about a joint bid before its offer was made public but Bain was not interested, the first person said. Bain’s plans for a Toshiba bid are preliminary and could change, said the sources, who declined to be identified as the information was confidential. Bain and CVC declined to comment.
Persons: Issei Kato, Bain, Mizuho, Nobuaki Organizations: Reuters, Bain, Toshiba Corp, Toshiba, REUTERS, Mizuho Financial Group Inc, Sumitomo Mitsui Financial, Inc, CVC Capital Partners, South Korean chipmaker SK Hynix, Apple Inc, Kioxia Holdings, CVC, Sumitomo Mitsui Banking Corp, KKR, Co Inc, Brookfield Asset Management, Japan Investment Corp, Norinchukin Bank, Japan’s Locations: HONG KONG, Tokyo, Japan, Brookfield
Japanese shares extend sharp fall on COVID-19 lockdown worries
  + stars: | 2021-04-21 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO, April 21 (Reuters) - Japanese shares extended a steep fall on Wednesday as fears of possible coronavirus-related lockdowns in Japan’s biggest cities cast doubts over the prospects of an economic reopening. Japan has vaccinated about 1% of its population, compared with 2.9% in South Korea, and at least 40% in both the United States and Britain, according to a Reuters tracker. Nippon Steel tumbled 5.92%, becoming the biggest loser on the Nikkei, while JFE Holdings and Kobe Steel lost 5.74% and 5.39%, respectively. Rakuten Group was down 5.4% following a report that the United States and Japan will jointly monitor the e-commerce firm after a unit of Tencent became a major shareholder. ($1 = 107.9700 yen) (Reporting by Junko Fujita; Additional reporting by Rocky Swift; Editing by Shounak Dasgupta)
Persons: , Hideyuki Ishiguro, Tencent, Junko Fujita, Rocky Swift, Shounak Dasgupta Organizations: Nikkei, “ Global, Daiwa Securities, , Reuters, Nippon Steel, JFE Holdings, Kobe Steel, Toshiba, CVC Capital Partners, Rakuten, SoftBank Locations: TOKYO, Japan’s, Japan, Osaka, Tokyo, South Korea, United States, Britain
REUTERS/Issei Kato/File PhotoBain Capital is looking at formulating a bid to acquire Toshiba Corp (6502.T), two people familiar with the matter said. CVC had initially approached Bain about a joint bid before its offer was made public but Bain was not interested, one of the people said. Bain's plans for a Toshiba bid are preliminary and could change, said the sources, who declined to be identified as the information was confidential. Mizuho also declined to comment, while Sumitomo Mitsui Banking Corp did not immediately respond to a Reuters request for comment. A Brookfield representative could not be immediately reached for comment but the company has previously declined to comment on reports of potential bid.
Persons: Issei Kato, Bain, Mizuho Organizations: Toshiba, REUTERS, Bain, Toshiba Corp, CVC Capital Partners, CVC, Mizuho Financial Group Inc, Sumitomo Mitsui Financial Group, South Korean chipmaker SK Hynix, Apple Inc, Kioxia Holdings, Sumitomo Mitsui Banking Corp, KKR, Co Inc, Brookfield Asset Management, Thomson Locations: Tokyo, Japan, U.S, Brookfield
The logo of Toshiba Corp is seen as Window cleaners work on the company's headquarters in Tokyo ReutersUS-based private equity firm Bain Capital is looking into taking Toshiba private, Reuters reported. Earlier this month CVC Capital made Toshiba $20 billion privatization offer, but stepped aside this week. US private equity firm Bain Capital could take the Japanese conglomerate Toshiba private, sources told Reuters on Wednesday. Bain Capital was involved in the sell-off of Toshiba's flash memory unit, now known as Kioxia Holdings. Earlier this month, private equity and advisory firm CVC Capital Partners had made a $20 billion offer to take the firm private, which sparked controversy amongst Toshiba executives.
Persons: Nobuaki Kurumatani, Satoshi Tsunakawa Organizations: Toshiba Corp, Tokyo Reuters, Bain Capital, Toshiba, Reuters, Capital, Bell, Wednesday, Kioxia Holdings, Capital Partners, CVC Capital Locations: Tokyo, Tokyo Reuters US, American
REUTERS/Toru HanaiToshiba Corp (6502.T) has decided against evaluating a $20 billion buyout offer from CVC Capital Partners, saying it lacked detail, while adding it was open to "credible" offers. The Japanese conglomerate said a new letter from CVC, which previously offered to take the company private, did not provide the information needed for it to be able to evaluate the offer. Instead, the company said the letter stated CVC "would step aside to await" Toshiba's guidance. A Toshiba source said the letter meant CVC's proposal was unlikely to proceed further, as the fund's offer was unsolicited to begin with. Toshiba CEO Nobuaki Kurumatani resigned over the proposal from CVC, his former employer, amid criticism the offer, which promised to retain management, was partly designed to shield Kurumatani from activist shareholders.
Persons: Toru Hanai, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Toru Hanai Toshiba Corp, CVC Capital Partners, CVC, Toshiba, Thomson Locations: Tokyo, Japan
REUTERS/Toru HanaiA potential bid for Toshiba Corp (6502.T) is set to test both corporate governance at the scandal-hit conglomerate as well as rule changes in Japan designed to improve transparency and protect minority shareholders. read more"This is the next big corporate governance test for Toshiba: whether they will run an open and transparent process, in line with METI's Fair M&A Guidelines," Seth Fischer, Oasis Management chief investment officer and Toshiba shareholder, told Reuters. Japan, which has the world's third-largest equity market, ranked seventh in Asia for corporate governance, behind Malaysia and Thailand, based on the latest scores from the Asian Corporate Governance Association (ACGA). read moreAshley Pittard, head of global equities at Sydney-based Pendal Group, an investor in several Japanese companies, hoped a Toshiba bid would lead to more corporate activity in Japan which could help to foster improved corporate governance standards. "Japanese companies are making improvements in corporate governance aspects but it's moving at a glacial pace," he said.
Persons: Toru Hanai, Nobuaki Kurumatani, Seth Fischer, Jamie Allen, Allen, Ashley Pittard, Nicholas Benes Organizations: Toshiba, REUTERS, Toshiba Corp, CVC Capital Partners, Oasis Management, Reuters, Japan's Ministry, Economy, Trade, Industry, Corporate Governance Association, Kogyo Shimbun, Group, Training, of Japan, Thomson Locations: Chiba, Japan, Asia, Malaysia, Thailand, Hong Kong, Singapore, Sydney
Toshiba CEO resigns, shares surge on bidding war expectations
  + stars: | 2021-04-14 | by ( ) www.cnbc.com sentiment -1.00   time to read: +1 min
Nobuaki Kurumatani pauses during a news conference at the company's headquarters in Tokyo, Japan, on Wednesday, Feb. 14, 2018. Toshiba CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate's shares surged on reports that more suitors were planning offers. Sources familiar with the matter have said a CVC takeover would shield Kurumatani and other managers from pressure from activist shareholders. The activist shareholders have successfully pushed for an investigation into whether management pressured investors to support their decisions. Shares in Toshiba were trading 7% higher at 4,900 yen ($45), not far off the 5,000 yen per share level reportedly offered by CVC Capital.
Persons: Nobuaki Kurumatani, Satoshi Tsunakawa, Kurumatani, upend, Brookfield Organizations: Toshiba, Capital Partners, CVC, KKR, Co, Financial Times, Brookfield Asset Management Inc, Bloomberg News, KKR Japan, CVC Capital Locations: Tokyo, Japan, Brookfield
Fervor Over Coinbase I.P.O. Spreads: Live Business Updates
  + stars: | 2021-04-14 | by ( Eshe Nelson | ) www.nytimes.com + 0.00   time to read: +12 min
Spreads: Live Business Updates RIGHT NOW Toshiba’s top executive resigns amid company turmoil. Shares of Coinbase, a trading platform for digital currencies, begins publicly trading on Wednesday. Riot Blockchain shares rose nearly 5 percent. Shares in Bit Digital, a Chinese bitcoin mining company, rose nearly 25 percent in premarket trading in the United States. Its shares rose 4 percent after the company said revenue from its cloud business was growing and upgraded its forecast for full year earnings.
Persons: Richard Drew, , Goldman Sachs, Brian Armstrong, Michael Short, Bloomberg Coinbase, Andrew, Goldman, Coinbase, Armstrong, Satoshi Tsunakawa, Nobuaki Kurumatani, Toru Hanai, Nobuaki, , Kurumatani, Osamu Nagayama, Hisako Ueno, Matt Phillips, ” Amelia Garnett, ” Tesla, Cathie Wood, Daniel Schreiber, Schreiber, , Mr, Susan Zirinsky, Zirinsky, Baillie Gifford Organizations: ., Associated Press, United States ., JPMorgan Chase, Tesco, Credit Suisse, Archegos Capital Management, Bloomberg, Treasury, West Texas Intermediate, Nasdaq, U.S, CNBC, ICE, Toshiba, Reuters Toshiba, Westinghouse, Capital Partners, Effissimo Capital Management, CVC Capital Partners, Associated, The New York Times, “ Retail, Goldman, Global, Wall, Ark Investment Management, Palantir Technologies, CBS, Epic, Sony, PlayStation, Appaloosa Management, Fidelity Management Locations: United States, Europe, German, easyJet, American, U.S, San Francisco, Singapore, Japan
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