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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-HoonJapan's Toshiba Corp (6502.T) on Monday blamed its former chief executive for fomenting a "confrontational approach" to shareholders, citing that as underlying factor in its widening governance crisis. The comment from Osamu Nagayama, the chairman of Toshiba's board, comes after a shareholder-commissioned investigation revealed the company colluded with the Japanese government to "beat up" foreign shareholders. "There was a somewhat confrontational stance towards shareholders brewing from some time ago," Nagayama said, when asked about the responsibility of former CEO Nobuaki Kurumatani. The crisis at Toshiba has renewed concern about governance in the world's third-largest economy and its openness to foreign investors.
Persons: Kim Kyung, Hoon, Osamu Nagayama, Nagayama, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Hoon Japan's Toshiba Corp, Toshiba, Thomson Locations: Kawasaki, Japan
Toshiba blames troubles on former CEO's 'confrontational approach' to shareholders
  + stars: | 2021-06-14 | by ( ) www.cnbc.com sentiment -0.99   time to read: +1 min
A shareholder of Toshiba arrives at a shareholders' meeting in Chiba, Chiba prefecture in Japan on June 28, 2017. Japan's Toshiba on Monday blamed its former chief executive for fomenting a "confrontational approach" to shareholders, citing that as underlying factor in its widening governance crisis. The comment from Osamu Nagayama, the chairman of Toshiba's board, comes after a shareholder-commissioned investigation revealed the company colluded with the Japanese government to "beat up" foreign shareholders. "There was a somewhat confrontational stance towards shareholders brewing from some time ago," Nagayama said, when asked about the responsibility of former CEO Nobuaki Kurumatani. The crisis at Toshiba has renewed concern about governance in the world's third-largest economy and its openness to foreign investors.
Persons: Japan's, Osamu Nagayama, Nagayama, Nobuaki Kurumatani Organizations: Toshiba, Japan's Toshiba Locations: Chiba, Japan
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
TOKYO— Toshiba Corp. worked closely with Japanese government officials to block foreign-based shareholders from exercising their rights, using inappropriate threats and language such as “beat them up,” a company-commissioned report found. The report harked back to the days when Japan Inc. was a popular term to describe the perceived tight linkage between big business and government in blocking foreign influence in Japan. Toshiba management sought to prevent the commissioning of the report, which was written by three Japanese law firms, but shareholders voted in March to go ahead with it. Effissimo and other shareholders outside Japan at the time were expressing dissatisfaction with Mr. Kurumatani’s leadership and calling for greater shareholder returns through buybacks or dividends. Mr. Kurumatani resigned in April of this year after an acquisition offer from private-equity firm CVC Capital Partners, which later fell through.
Persons: , Toshiba’s, Nobuaki Kurumatani, Kurumatani Organizations: TOKYO — Toshiba Corp, Japan Inc, Toshiba, Effissimo Capital Management, Ltd, Capital Partners Locations: Japan, Singapore
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
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
Capital Calls: Toshiba CVC snub damps bid hopes
  + stars: | 2021-04-21 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
Toshiba’s shares fell 5% early Wednesday after it spurned a $20 billion approach by private equity giant CVC for lacking the detail read more needed for full evaluation. Shareholders have already warned that CVC was lowballing read more the scandal-plagued group. A Reuters report of bid interest from CVC rival Bain spurred a rally late in the day. Now up 7% from pre-CVC levels, there is still some flickering bid hope - but it isn’t very strong. (By Jennifer Hughes)On Twitter http://twitter.com/breakingviewsEarlier in Capital Calls:Bank of America hops the racial wealth gap read moreWeWork’s crypto dreams read moreKering struggles to close bling gap read moreESG handcuffs read moreUK grocery LBO can apply pain-free salve read more
Persons: Nobuaki Kurumatani, Jennifer Hughes Organizations: Shareholders, Reuters, Bain, Bank of America
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
CVC delays Toshiba buyout offer after CEO change - Nikkei
  + stars: | 2021-04-16 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: The logo of Toshiba Corp at the company's headquarters in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo(Reuters) -Private equity firm CVC Capital Partners will delay submitting a formal proposal to buy Toshiba Corp, following the appointment of a new chief executive officer by the Japanese industrial group, the Nikkei reported on Friday. CVC believes Toshiba's new leadership will need time to settle in before it can make any decisions on a potential buyout, the report said. Earlier this week, Toshiba CEO Nobuaki Kurumatani resigned amid controversy over the $20 billion buyout bid from CVC Capital Partners. Kurumatani, CEO for three years, had been under fire over the bid from CVC, his former employer.
Persons: Toru Hanai, Nobuaki Kurumatani, Satoshi Tsunakawa Organizations: Toshiba Corp, REUTERS, Capital Partners, Nikkei, Toshiba, CVC, Kurumatani, U.S 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
Japan state-backed funds consider offer for Toshiba: report
  + stars: | 2021-04-15 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. REUTERS/Toru Hanai/File PhotoTOKYO (Reuters) - Japan Investment Corp (JIC) and Norinchukin Bank are considering buying Toshiba Corp, the Nikkan Kogyo Shimbun reported on Thursday, a Japan-led bid which may be more palatable to regulators and management than rival offers by foreign funds. Private equity fund CVC Capital Partners, which has already made a preliminary offer for Toshiba, may join the bid to take the conglomerate private, but the Japanese funds would lead the offer, the newspaper said. CVC earlier this month proposed to take Toshiba private, and is expected to soon provide details of its $20 billion proposal. The latest report comes a day after Toshiba appointed a new chief executive after controversy over previous leader Nobuaki Kurumatani who faced criticism over governance issues.
Persons: Toru Hanai, JIC, Nobuaki Kurumatani Organizations: Toshiba, REUTERS, Japan Investment Corp, Norinchukin Bank, Toshiba Corp, Kogyo Shimbun, Capital Partners, Reuters, KKR, Co Inc, Brookfield, Nikkei, Wednesday, Bain Capital Locations: Chiba, Japan, TOKYO
FILE PHOTO: Toshiba Corp's CEO Nobuaki Kurumatani attends a news conference at the company's headquarters in Tokyo, Japan May 15, 2018. Kurumatani then told them of the European private equity firm’s plan to take Toshiba private, the three people said. Support for him both within the company and among investors had eroded, a person briefed on the matter said. “A survey of managers at Toshiba showed low support for Kurumatani,” the person who was briefed said. At the last shareholders’ meeting he won only 57% of the vote, a stinging rebuke in a country where management is rarely challenged.
Persons: Nobuaki, Nobuaki Kurumatani, Issei Kato, Osamu Nagayama, Kurumatani, Nagayama, , Satoshi Tsunakawa Organizations: Capital Partners, Toshiba, REUTERS, CVC, onetime Sumitomo Mitsui Financial Group, Reuters, CVC Japan, CVC’s, Oasis Management, Farallon Capital Management, KKR, Brookfield Asset Management, Financial Locations: TOKYO, Tokyo, Japan, Tokyo Bay, CVC’s Japan, Hong Kong, U.S, Brookfield, Kurumatani
TOKYO (Reuters) - Toshiba board members planned to oust CEO Nobuaki Kurumatani before CVC Capital Partners launched a $20 billion buyout bid last week, telling him the day before the offer was announced they would replace him, people familiar with the matter said. FILE PHOTO: Toshiba Corp's CEO Nobuaki Kurumatani attends a news conference at the company's headquarters in Tokyo, Japan May 15, 2018. While the board had not formally started the process of replacing Kurumatani, the plan was already in motion, the three said. Kurumatani then informed them of the European private equity firm’s plan to take Toshiba private, the three people said. At the last shareholders’ meeting he won only 57% of the vote, a stinging rebuke in a country where management is rarely challenged.
Persons: Nobuaki, Nobuaki Kurumatani, Issei Kato, Osamu Nagayama, Kurumatani, Nagayama, , , Satoshi Tsunakawa Organizations: Toshiba, Capital Partners, REUTERS, CVC, onetime Sumitomo Mitsui Financial Group, Reuters, CVC Japan, CVC’s, Oasis Management, Farallon Capital Management, KKR, Brookfield Asset Management, Financial Locations: TOKYO, Tokyo, Japan, Kurumatani, Tokyo Bay, CVC’s Japan, Hong Kong, U.S, Brookfield
UPDATE 1-Japanese shares end lower as virus resurgence hits risk appetite
  + stars: | 2021-04-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
The Nikkei share average slipped 0.44% to close at 29,620.99, while the broader Topix ended 0.33% lower at 1,952.18. That has sent bank and insurer shares lower on Wednesday.”Japanese government bond yields tracked overnight U.S. Treasury yields lower on Wednesday. Shipping firms and textiles led declines on the main bourse, with clothing materials maker Toray Industries losing 3.42%. Department store operator J.Front Retailing dropped 7.42% to become the biggest loser on the Nikkei after flagging a disappointing annual profit forecast. Mega banks also slipped, with Mitsubishi UFJ Financial Group losing 0.46% and Sumitomo Mitsui Financial Group dipping 0.82.
Persons: , Shoichi Arisawa, Nobuaki Kurumatani, Junko Fujita, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Nikkei, IwaiCosmo Securities, Treasury, Olympics . Shipping, Toray Industries, Department, Dai, ichi, Holdings, D Holdings, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, Toshiba Locations: TOKYO, Japan, Tokyo
Japanese shares end lower as virus resurgence hits risk appetite
  + stars: | 2021-04-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO, April 14 (Reuters) - Japanese shares ended lower on Wednesday, weighed down by cyclicals, as a resurgence in COVID-19 cases cast doubts over prospects of economic rebound, while falling interest rates dragged banking and insurer stocks. The Nikkei share average was down 0.28% at 29,668.74, as of 0202 GMT, while the broader Topix slipped 0.23% to 1,953.80. That has sent bank and insurer shares lower on Wednesday.”Japanese government bond yields tracked overnight U.S. Treasury yields lower on Wednesday. Department store operator J.Front Retailing dropped 7.42% to became the biggest loser on the Nikkei after flagging a disappointing annual profit forecast. Mega banks also slipped, with Mitsubishi UFJ Financial Group losing 0.46% and Sumitomo Mitsui Financial Group dipping 0.82.
Persons: , Shoichi Arisawa, Nobuaki Kurumatani, Junko Fujita, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Nikkei, IwaiCosmo Securities, Treasury, Olympics . Shipping, Toray Industries, Department, Dai, ichi, Holdings, D Holdings, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, Toshiba Locations: TOKYO, Japan, Tokyo
Breakingviews - Toshiba CEO exit gives better governance a chance
  + stars: | 2021-04-14 | by ( Antony Currie | ) www.reuters.com + 0.00   time to read: +2 min
Toshiba Corp's CEO Nobuaki Kurumatani and former CEO and currently COO Satoshi Tsunakawa attend a news conference at the company's headquarters in Tokyo, Japan May 15, 2018. REUTERS/Issei Kato - RC1B580E08A0MELBOURNE (Reuters Breakingviews) - Error-prone Toshiba has yet another chance to get things right. Chief Executive Nobuaki Kurumatani resigned on Wednesday after a series of controversial missteps cost him the support of investors and staff. Moreover, another CVC executive, Yoshiaki Fujimori, sits on Toshiba’s board, having joined after Kurumatani became the boss. There’s also a chance the independent inquiry into last year’s vote will not reflect well on the board either.
Persons: Nobuaki Kurumatani, Satoshi Tsunakawa, Issei Kato, There’s, Osamu Nagayama, Yoshiaki Fujimori, Kurumatani, Nagayama, Fujimori, That’s Organizations: Toshiba, REUTERS, Reuters, Partners, Westinghouse, Harvard, Farallon Capital, KKR, Brookfield Asset Management Locations: Tokyo, Japan, MELBOURNE, U.S, Farallon, Asia
Toshiba CEO says wants to leave and "recharge": Nikkei
  + stars: | 2021-04-14 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
FILE PHOTO: Toshiba Corp's CEO Nobuaki Kurumatani attends a news conference at the company's headquarters in Tokyo, Japan, May 15, 2018. REUTERS/Issei Kato/File PhotoTOKYO (Reuters) - Toshiba Corp Chief Executive Nobuaki Kurumatani wants to leave his busy job and “recharge”, the Nikkei financial daily reported on Wednesday. The Nikkei quoted the executive as saying late on Tuesday that he had discussed the decision with his family. The company said earlier that its board would meet later in the day to discuss top management issues, amid controversy over a $20 billion buyout bid from his former employer, CVC Capital Partners.
Persons: Nobuaki Kurumatani, Issei Kato Organizations: Toshiba, REUTERS, Toshiba Corp, Nikkei, Capital Partners Locations: Tokyo, Japan, TOKYO
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
Toshiba CEO steps down, shares surge
  + stars: | 2021-04-14 | by ( Reuters Editorial | ) www.reuters.com sentiment -0.71   time to read: 1 min
BusinessToshiba CEO steps down, shares surgePostedToshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners. The conglomerate's shares surged on reports that KKR & Co and Brookfield are also planning offers. Ciara Lee reports
Persons: Nobuaki Kurumatani, Ciara Lee Organizations: Toshiba, Capital Partners, KKR, Co Locations: 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
Toshiba CEO exit gives better governance a chance
  + stars: | 2021-04-14 | by ( ) www.reuters.com + 0.00   time to read: +4 min
Toshiba Corp's CEO Nobuaki Kurumatani and former CEO and currently COO Satoshi Tsunakawa attend a news conference at the company's headquarters in Tokyo, Japan May 15, 2018. Chief Executive Nobuaki Kurumatani resigned on Wednesday after a series of controversial missteps cost him the support of investors and staff. Moreover, another CVC executive, Yoshiaki Fujimori, sits on Toshiba’s board, having joined after Kurumatani became the boss. The board can go further by setting up a robust and open process for reviewing the CVC bid, as Farallon Capital is urging. The bid values Toshiba at some $20 billion, or around 5,000 yen a share, Reuters reported.
Persons: Nobuaki Kurumatani, Satoshi Tsunakawa, Issei Kato, There’s, Osamu Nagayama, Yoshiaki Fujimori, Kurumatani, Nagayama, Fujimori, That’s, Tsunakawa, Organizations: Toshiba, REUTERS, Partners, Westinghouse, Harvard, Farallon Capital, KKR, Brookfield Asset Management, CVC, Reuters, Oasis Management, Farallon Capital Management Locations: Tokyo, Japan, U.S, Farallon, Asia, Hong Kong
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