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Business deals

CVC delays Toshiba buyout offer following CEO swap

Japanese group says no formal offer yet as of Friday

 CVC Capital Partners had made a tentative offer to take Toshiba private.   © Reuters

TOKYO -- CVC Capital Partners will postpone submitting a formal proposal to acquire Toshiba until further notice after the Japanese industrial group appointed a new CEO, Nikkei learned Friday.

The multinational fund offered to take Toshiba private through a $20 billion tender offer in a preliminary proposal on April 6, with plans to present a formal, detailed plan to the company about 10 days later.

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