Bain Capital is reportedly the latest private equity giant to be circling Toshiba after CVC‘s $20bn bid was rejected by the firm.
CVC is said to have approached Bain Capital over a potential joint bid before making its own solo offer, Reuters reported, citing an unnamed source.
It said Bain was uninterested in that deal, but is now in discussion with Japanese banks to secure funding for a bid.
Fellow private equity major KKR and Canadian investor Brookfield Asset Management are also believed to be gauging bids for the business.
Japan Investment Corp (JIC) and Norinchukin Bank are also considering a bid, Reuters said, citing a Japanese newspaper.
The deal would potentially be one of the biggest private equity buyouts since the 2008 global financial crisis, rivalling the €17.2bn buyout of Thysenkrupp’s elevator unit by Advent and Cinven last summer.
The venerable Tokyo-headquartered conglomerate has suffered through a rocky few years due to an accountacy scandal in 2015 and the bankruptcy of its US nuclear engineering group two years later.
Earlier this year the company suffered an embarassing defeat when its shareholders voted in favour of an independent probe into allegations investors were pressured to vote in line with management’s wishes on director nominations ahead of last year’s AGM.
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