TOKYO, Japan: Japanese media reports indicate that numerous groups, both foreign and domestic, are bidding to purchase Toshiba Corp.
Among the leading proposals is one from Japan Investment Corp (JIC) and Norinchukin Bank, which are both state-backed funds.
Further, private equity fund CVC Capital Partners, which submitted an earlier offer for Toshiba, may present a bid that would takeToshiba private. Also, KKR & Co Inc and Brookfield are weighing whether to submit an offer for the company.
Insiders believe that the preferable bid would come from a solely Japanese group, as regulators and management might prefer Japanese ownership.
The newspaper said other government-affiliated funds may also join the bid.
Earlier this month, a $20 billion proposal by CVC included taking Toshiba private.
However, the CVC offer has been criticized by the Toshiba board chairman as “lacking in substance”.
Besides manufacturing computers and copy machines, Toshiba designs technology used in missile guidance and other defense systems.
Toshiba recently appointed a new chief executive, after CEO Nobuaki Kurumatani was questioned over his governance methods.