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Exclusive bidders have bids up to 7,000 yen per share in the $22 billion Toshiba acquisition-Source According to Reuters



© Reuters. FILE PHOTO: The logo of Toshiba Corp at the company’s headquarters in Tokyo, Japan, February 14, 2017. REUTERS / Toru Hanai / File Photo

By Makiko Yamazaki, Kane Wu and Scott Murdoch

TOKYO / HONG KONG (Reuters) – Toshiba (OTC:) Corp contractors are considering offering up to 7,000 yen ($51.41) per share to buy the troubled Japanese conglomerate, Three people familiar with the situation told Reuters, valuing the deal at around $22 billion.

Toshiba, which is exploring strategic options, said this month it received eight initial acquisition proposals and two for alliances that will remain listed.

Bidding participants are currently discussing an offer price of up to 7,000 yen a share with Toshiba shareholders, who said, representing a 27% premium to Toshiba’s share price. as of Wednesday’s closing time.

A separate source said the scope of supply was widespread and various conditions were attached.

The asking price, if pegged, would value Toshiba at 3 trillion yen ($22.02 billion) at the top of the range.

Toshiba said in a statement to Reuters that it would not disclose details of the proposals.

KKR & Co (NYSE: Inc, Baring Private Equity Asia, Blackstone (NYSE: Inc), Bain Capital, Brookfield Asset Management, MBK Partners, Apollo Global Management (NYSE:) and CVC Capital Partners submitted initial bids) , according to People.

They added that some of them could form a consortium for a tender.

Bain, Brookfield, Baring, CVC and MBK declined to comment. Other funds did not immediately respond to requests for comment.

Local funds, including Japan Investment Corp and a number of strategic firms, are looking to see how they might be involved in the deal, the people said, declining to be named because they were not authorized to speak. with the media.

JIC declined to comment.

(1 dollar = 136.1500 yen)



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