One of Toshiba Corp.¡¯s largest investors is calling on the conglomerate to run a strategic review after private equity firm CVC Capital Partners proposed taking the company private for $21 billion (?2.3 trillion).
3D Investment Partners, which owns a 7.2% stake in Toshiba, said in a letter to the company¡¯s board that it believes running a full and fair sales process was essential to rebuilding trust with investors after a tumultuous period that has included an investor revolt and the resignation of former CVC dealmaker Nobuaki Kurumatani as chief executive officer.
¡°To conduct a fair and proper process, Toshiba should explicitly indicate that it is open to alternative ownership structures and correct media speculation that Toshiba¡¯s management team and board have a strong preference for remaining a listed company,¡± 3D Investment said in the letter, a copy of which was obtained by Bloomberg.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.