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Toshiba Board urges caution over HVAC supply, declining inventory shipment

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Satoshi Tsunakawa in 2018.

Photographer: Kiyoshi Ota / Bloomberg

The board of directors of Toshiba Corp. issued astatement Friday followingCVC Capital Partners’ offer to privatize the Japanese conglomerate, warning that the proposal is preliminary and cannot lead to a transaction. The shares fell.

The CVC offer is not legally binding and many details have yet to be worked out, said Osamu Nagayama, President advice. Any deal also requires extensive regulatory reviews and CVC should organize a consortium to match funding.

“We anticipate that such a funding process would be time consuming and involve complexity to consider,” Nagayama said. The directors will conduct a “careful consideration of the initial proposal when it is clarified at a later stage”.

Toshiba shares slipped 5.4% in trading on Friday. The board also said the CVC’s proposal was “totally unsolicited and not initiated by Toshiba.”

The company revealed this week that CVCmade a buyout offer from its public shareholders. The preliminary proposal is 5,000 yen per share, or about 2.28 trillion yen ($ 20.7 billion), Bloomberg News reported.

An acquisition by a foreign buyer can prove difficult as the company has been considered an icon of Japan and several of its activities havestrategic importance for the country. Its nuclear unit, for example, is involved in the dismantling of the destroyed Fukushima Dai-Ichi nuclear power plant. Toshiba is also the largest shareholder in memory-chip maker Kioxia Holdings Corp.

Given the sensitivity around the Toshiba bush, government approval would be needed for the deal, Chief Cabinet Secretary Katsunobu Kato said.

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