(Reuters) - Private equity firm CVC Capital Partners will propose taking Toshiba Corp private in a deal worth more than 2 trillion yen ($18 billion), a person familiar with the matter said, as the Japanese firm is embroiled in a battle with activist shareholders.
If realized, the deal will save management of the scandal-hit conglomerate, particularly embattled Chief Executive Nobuaki Kurumatani, from scrutiny amid calls from large overseas shareholders for greater transparency and better governance.
“We’ve received the proposal,” Kurumatani told a group of reporters, according to the Nikkei newspaper. “We’ll discuss it at a board meeting” to be held on Wednesday, he added.
The Tokyo Stock Exchange suspended trading in Toshiba’s shares after the Nikkei reported the proposal earlier. read more here