Toshiba is seeking more details on a $20bn offer for the company from private equity company CVC Capital Partners in the UK but will also invite other offers for the company.
The prospects however do not look good for the long-lived firm, founded in 1875. CEO Nobuaki Kurumatani joined the company from CVC in 2018 and another board member, Yoshiaki Fujimori, has been a senior advisor to CVC, although any deal would need approval of Japanese regulators.
Toshiba, which operates in areas from home electronics to nuclear power stations, has had a troubled history in recent years.
In 2015 it was revealed that the company had deliberately stated its financial results over the period 2008 to 2014.
In 2018 the company was forced to sell of its profitable chip business to raise cash and cover a write down on its nuclear power business. In the end Toshiba Memory was sold to private equity consortium led by Bain Capital for $18 billion and changed its name to Kioxia.
It was recently reported that Micron and Western Digital could make offers to take Kioxia off the consortium’s hands. But it looks like the former parent and the Toshiba brand could be destined to follow the same route.
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