Toshiba in Japan "Received Written Notice to Suspend Review of UK Investment Fund Acquisition"

This is a photo of Nobuaki Kurumatani, Chairman and CEO of Toshiba Japan, at a press conference held at the company's headquarters in Tokyo on May 15, 2018. Toshiba announced on the 14th that CEO Kurumatani resigned amid controversy over an acquisition proposal from the UK-based investment fund CVC Capital Partners.
[Image source=Yonhap News]

[Asia Economy Reporter Hyunju Lee] On the 20th, Japan's Toshiba announced that it received a written notice from the UK-based investment fund CVC Capital Partners (hereafter CVC) stating that it will halt its review of the acquisition.

According to local media, the letter sent by CVC did not contain specific details about the acquisition, suggesting that the purchase proposal has been effectively withdrawn.

Previously, CVC had proposed an acquisition of Toshiba, one of Japan's leading companies, and was reportedly planning to delist the company through a public tender offer.

Following reports of CVC's acquisition proposal, Toshiba's CEO Nobuaki Kurumatani resigned.