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Business deals

CVC proposal offers Toshiba escape from activist investors

President faces battle with shareholders over reappointment at annual meeting

Toshiba has sought to shift to a business model that earns stable profits by providing maintenance and services for infrastructure facilities and power plants.   © Kyodo

TOKYO -- The $20 billion buyout offer for Toshiba by U.K. investment firm CVC Capital Partners is another twist in the conflict between the Japanese industrial conglomerate and its activist shareholders -- a battle that has Toshiba President and CEO Nobuaki Kurumatani at its heart.

Kurumatani's reappointment as president is set to become the focus of the 2021 annual shareholders meeting, after he just barely held onto the position last year. In July 2020, only 57% of Toshiba shareholders voted for Kurumatani -- who was previously the chairman of CVC Japan -- to remain president.

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