The Japanese company Toshiba is in talks with at least four global private equity firms, including KKR & Co Inc and Blackstone Inc, in search of ideas for its new strategy. This was reported in an exclusive material by Reuters, citing three sources familiar with the matter.
Sources said Bain Capital and Canadian investment firm Brookfield were also hired by the scandal-stricken Japanese conglomerate's strategic review committee to prepare and present their ideas to Toshiba.
This is not a formal request for bids to buy out the entire company or some of its assets. It is not yet clear whether the negotiations will lead to such proposals in the future.
The move, however, indicates that Toshiba is engaging with potential bidders, as shareholders ousted its chairman in June after it was revealed that the company had colluded with the Japanese government to pressure foreign investors.
Following the chairman's resignation, Toshiba, a multi-business, multi-jurisdictional company, began full due diligence of its current assets and promised to engage with potential strategic and financial investors.
As announced, Toshiba's strategic committee is reviewing and discussing a wide range of initiatives,” Toshiba said in a statement to Reuters.
Toshiba, which now has a market valuation of close to $ 19 billion, plans to submit a new business plan in October.
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