Japan tech giant Toshiba studying going private as an option
Toshiba executives said Friday that privatization remains an option for the Japanese technology company, as they defended their efforts to choose the right bidder to restore what they called “a strong Toshiba.”
Tokyo-based Toshiba has been trying to win over shareholders to a restructuring plan, reports AP.
The company has not given the nationalities or other details of the potential investor partners, including eight that have recommended that Toshiba Corp. go private.
Toshiba’s chairperson, Jerry Black, stressed in an online news conference that how bidders’ proposals are evaluated will be transparent to all stakeholders.
The goal is for Toshiba to go through what he called a “radical transformation” quickly, showing a clear direction and leadership, Black told reporters.
In March, investors rejected a company-backed reform proposal to split Toshiba into two businesses.
Some shareholders, including foreign investment funds and U.S.-based proxy advisory firm Institutional Shareholders Services, opposed the plan. An earlier plan that also was scrapped had called for a three-way split.
Black, who has experience in international consulting and turning around troubled Japanese companies, and Taro Shimada, a former executive at Siemens, have been trying to come up with another plan.