4/9, 7:53 AM (Source: TeleTrader)
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CVC offer conditional, non-legally binding - Toshiba

Toshiba Corporation Board Chairperson Osamu Nagayama described the offer by CVC Capital Partners (CVC) to get the Japanese company privatized as "preliminary and non-legally binding," specifying that it was "completely unsolicited and not initiated by Toshiba."

In addition, the proposal would have to be cleared by the relevant antitrust agencies and would have to comply with the Foreign Exchange and Foreign Trade Act of Japan. Nagayama added that CVC hinted it will look for "assistance" to finance the offer, which could extend the process even further.

"Toshiba Board will conduct careful review of the initial proposal when it is further clarified in the future," the executive concluded.

Breaking the News / MS