(Bloomberg) — Toshiba Corp. said it has signed confidentiality pledges with 10 potential investors and sponsors as the company solicits proposals on privatization and other strategic alternatives.
The 10 groups received detailed information on the company’s business and finances after signing the agreements, the Tokyo-based firm said in a statement. The deadline for submitting non-binding proposals is May 30, it said.
Toshiba has added JPMorgan Chase & Co. and Mizuho Financial Group Inc. to help evaluate the submissions, it said, confirming an earlier Bloomberg News report. The company had already hired Nomura Holdings Inc. as an adviser.
Toshiba said last month it would start soliciting proposals from potential investors on privatization and other strategic alternatives. That came after shareholders voted down a plan put forward by management to split the company in two.
Blackstone Inc. is considering teaming up with KKR & Co. on a joint bid for the conglomerate, while CVC Capital Partners and Bain Capital are also mulling offers, Bloomberg News reported this week.
Earlier on Friday, Toshiba postponed a planned announcement on the nomination of board directors, saying it needed more time.
Proposed candidates for external director positions were met with opposition from some Toshiba executives for being close to activist shareholders, the broadcaster TV Tokyo reported, citing an unidentified company official.
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