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Toshiba says it received multiple in-depth proposals in 2nd round

Published 09/30/2022, 04:22 AM
Updated 09/30/2022, 05:30 AM
© Reuters. FILE PHOTO: The logo of Toshiba Corp. is displayed atop of the company's facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei Kato
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TOKYO (Reuters) -Toshiba Corp said on Friday it had received multiple in-depth written indications of interest from potential partners in a second bidding round for strategic alternatives.

The written indications of interest included some that were legally binding and they varied in their degree of completeness, the Japanese conglomerate said in a statement.

Toshiba (OTC:TOSYY) would engage with the bidders "over the coming months" but did not anticipate providing any further official updates on the bidding process, it said.

© Reuters. FILE PHOTO: The logo of Toshiba Corp. is displayed atop of the company's facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei Kato

Toshiba, which is exploring going private and other options, in July selected Bain Capital, CVC Capital Partners, Brookfield Asset Management and a consortium involving Japan Industrial Partners (JIP) and state-backed Japan Investment Corp to proceed to a second bidding round.

JIP has since contacted multiple Japanese firms including Chubu Electric Power Co, while Japan Investment Corp is reported to be in talks with Bain to form a separate consortium.

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