TOKYO -- Toshiba on Thursday announced it has received 10 proposals from possible buyout sponsors and investors, eight of which suggest going private to increase corporate value.
The industrial conglomerate will carefully examine the proposals and narrow them down after the company's annual general meeting on June 28. Nikkei has learned that private equity companies such as KKR and Bain Capital have been considering proposals. However, an acquisition led only by foreign investors would face a big hurdle due to Toshiba's nuclear power business and Japan's Foreign Exchange and Foreign Trade Control Law.
Toshiba last year attempted to restructure on its own. But its proposal to split itself into two listed companies in two years was voted down by shareholders in March. Management then changed course by publicly soliciting proposals, including the privatization of the company. The deadline for submitting proposals was Monday.