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Toshiba receives takeover offered from private equity firm CVC

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Toshiba Corp. said Wednesday that it has gotten an obtaining proposal from private equity firm CVC Capital Partners.

The Japanese industrial organization said it would look for additional insights regarding the offer and consider it cautiously.

The offer comes as some of Toshiba’s shareholders have scrutinized the organization’s corporate governance in recent months.

In March, shareholders approved a proposal made by Effissimo Capital Management Pte., a significant Toshiba shareholder, proposing to delegate investigators to investigate whether the investors’ meeting a year ago was directed fairly.

Foreign shareholders have played a developing role at the Japanese conglomerate since it brought billions of dollars up in 2017 to reinforce its balance sheet following the bankruptcy of its U.S. nuclear subsidiary, Westinghouse Electric Co.

Toshiba Chief Executive Nobuaki Kurumatani served as chairman of CVC’s Japan unit prior to joining the organization.

Toshiba had a market capitalization of 1.738 trillion yen ($15.84 billion) as of Tuesday, as indicated by S&P Global Market Intelligence.

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