UK News Bidding war breaks out for Toshiba after CVC Capital makes a £15bn bid

02:50  08 april  2021
02:50  08 april  2021 Source:   dailymail.co.uk

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Toshiba 's US-listed shares rocketed almost 20% after the bid was revealed. The conglomerate has been at the centre of a number of scandals in recent years, including false accounting and huge losses linked to its US nuclear unit. It was forced to sell its profit- making chip sector to make up for huge losses. The deal with CVC would rank among the top 20 largest leveraged buyouts in history but due to Toshiba 's involvement in nuclear power stations, it would require the Japanese government's permission. Toshiba was once synonymous with the global ascent of corporate Japan, but has since

The new bid , being arranged by the Ministry for the Economy, Trade and Industry, groups government lenders Development Bank of Japan and Innovation Network of Japan. A person familiar with the matter said Hynix was involved in the bid , while another person briefed on the matter said the Asahi report was essentially correct but he could not provide details. Toshiba , DBJ and MUFJ, a unit of Mitsubishi UFJ Financial Group, could not immediately be reached for comment outside business hours.

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A private equity bidding war has broken out for Japanese firm Toshiba.

In a sign of just how ambitious the buyout industry has become, CVC Capital Partners has made an audacious £15buillion offer.

The move pitches CVC against rivals such as KKR in the battle to take control of the industrials and technology group.

a sign on the side of a building: Bold bid: CVC Capital Partners has made an audacious £15bn offer for Japanese industrials and technology group Toshiba © Provided by This Is Money Bold bid: CVC Capital Partners has made an audacious £15bn offer for Japanese industrials and technology group Toshiba

A takeover of Toshiba would be the largest ever buyout in Japan. Toshiba has been laid low by corporate scandals in recent years, facing increasing demands from activist shareholders.

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CVC Capital Partners has made a bn offer for Toshiba , joining KKR and other private equity funds in a potential bidding battle that could generate Japan’s biggest buyout deal in history, according to people with knowledge of the talks. The group claimed the bid was unsolicited, but other private equity groups have held non-binding talks about a buyout in recent months, according to people close to the funds. The removal of the 145-year-old Toshiba from the Tokyo Stock Exchange in a foreign-led deal would be a hugely symbolic move, said advisers directly involved with the conglomerate, after

CVC bid comes after Toshiba CEO lost crucial vote at EGM. After false dawns, ‘activism is taking hold’ in Japan: analyst. The surprise takeover bid for Toshiba Corp. is a palpable demonstration of the growing influence in corporate Japan of activist investors, who have gone from largely impotent onlookers to kingmakers in the space of just a few years. The offer from CVC Capital Partners, while still in the early stages, comes just weeks after Toshiba Chief Executive Officer Nobuaki Kurumatani lost a landmark shareholder vote, forcing an independent investigation into alleged issues with voting

But the swoop by private equity firms on such a prominent brand is a sign that the industry is gearing up for a fresh wave of deals.

Analysts believe a string of UK firms will be targeted in the coming months – raising fears over thousands of jobs.

Private equity firms have taken advantage of rundown share prices and the weak pound to mount takeovers during the crisis, in what critics have branded 'pandemic plundering'.

Major names to be snapped up include supermarket Asda, roadside assistance firm the AA and security giant G4S.

CVC's interest sent Toshiba's shares surging. It is expected to make a formal bid, thought to be worth as much as £15.1billion, through a consortium that would take the Japanese company private.

Video: TSE Suspends Trading of Toshiba Shares After Buyout Report (Bloomberg)

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Toshiba said: 'Toshiba received an initial proposal, and will ask for further clarification and give it careful consideration. The company will make a further announcement in due course.'

The move by CVC was seen as a sign that private equity firms that have built up big cash reserves have become more emboldened.

Danni Hewson, a financial analyst at AJ Bell, said it was also likely to trigger nervousness in the boardrooms of British firms who may fear similar approaches, and likely to prompt speculation about which companies could be next.

She said: 'The UK market, which has seen its fair share of takeover action of late, is an obvious candidate for speculation, as the relative weakness of the pound and the underperformance of UK stocks against their global counterparts has made it an attractive pond for potential acquirers to fish in.'

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Japanese company Toshiba said on Wednesday it would give “careful consideration” to a billion offer led by global private-equity group CVC Capital Partners, at a 30% premium to the troubled conglomerate’s share price. If concluded, the deal would come three weeks after Toshiba ’s management Activist investors led by Singapore’s Effissimo Capital Management and U.S.-based Farallon Capital , had criticized what they called “suppression” at the company’s shareholders meeting last year, which was due to examine their criticism of Toshiba Chief Executive Nobuki Kurumatani.

A bidding war has broken out to buy Alliance Boots after a rival group said it may table an offer worth £ 10.8bn. The proposed bid comes from a group that includes private equity firm Terra Firma, medical charity The Wellcome Trust, and banking group HBOS. "The formation last year of Alliance Boots created a hugely valuable business and this offer reflects that," he added. KKR first made an approach in early March, but was rebuffed because the offer price was too low. But the fact that it had the backing of Mr Pessina, Boots' billionaire deputy chairman who already owns 15% of the shares, made it likely

CVC's bid for Toshiba comes after battles with activist shareholders have shaken the Japanese corporate world, usually known for its conservative restraint.

Technology giant Softbank was targeted by Wall Street investment fund Elliott Management last year, and announced a string of asset sales to boost its flagging share price.

Toshiba has also been locked in a battle with investors over corporate governance following blunders, including accounting scandals and huge losses at its US nuclear unit.

Last month it lost a pivotal skirmish with activists, who demanded a probe into its alleged efforts to pressure shareholders into supporting under-fire executives.

They won a vote calling for the company to cooperate with an independent probe looking at claims of 'dark art' tactics being used to protect chief executive Nobuaki Kurumatani.

The Harvard University endowment fund, a top investor, was told through an intermediary that Toshiba had close relations with Japan's government and that a vote to oust him could affect its reputation, according to the Financial Times.

It prompted claims of 'unprecedented shareholder suppression' from activist investor and biggest shareholder Effissimo. Kurumatani, brought in to stabilise Toshiba in 2018, is a former CVC executive. He said: 'We received the proposal but we'll discuss it in a board meeting.'

Justin Tang, analyst at United First Partners, said the takeover was 'right up CVC's alley' but approval from the Japanese government would be a hurdle.

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