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.
Toru Hanai, Nobuaki Kurumatani
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