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      Toshiba Opens Strategic Review, Giving $1.4 Billion to Investors

      (Bloomberg) -- Toshiba Corp. plans to return an additional 150 billion yen ($1.37 billion) to shareholders and establish a strategic review committee to examine options for the business, including proposals to take it private.The move comes after weeks of takeover discussions sparked by private equity firm CVC Capital Partners’ $21 billion acquisition bid. The Japanese energy-to-electronics conglomerate has been pressured by 3D Investment Partners and other investors to conduct a full strategic review and explore any serious interest in the company in order to rebuild shareholder trust.Toshiba, which deemed the CVC proposal insufficiently detailed to evaluate, said Friday it has appointed UBS as financial adviser and will consider potential offers, without committing to a transaction. It made the announcement while releasing its quarterly earnings.Chief Executive Officer Satoshi Tsunakawa, who stepped into the role in April after former CVC dealmaker Nobuaki Kurumatani stepped down, said the firm will do its utmost to improve relationships with a wide range of shareholders and will consider any proposals that improve shareholder value, including going private.“There’s big opportunity ahead of us focusing on infrastructure, energy and renewables -- as tackling global warming is a global trend,” the CEO said, declining to specify what he would consider a good proposal for taking Toshiba private.Read more: Toshiba Investor 3D Calls for Strategic Review After CVC BidThe company’s stock has seen large swings since the CVC bid, with the shares closing as high as 4,895 yen on April 15 before falling in recent weeks. It closed at 4,510 yen after Friday’s announcement.It’s not clear whether other reported bidders will proceed with a formal offer. After CVC’s initial approach, private equity firm KKR & Co. and Canadian investment giant Brookfield Asset Management Inc. began exploring potential offers, Bloomberg News has reported. Bain Capital has entered into discussions with Japanese banks, including units of Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., to secure funding for a potential bid, Reuters has reported.Separately, Toshiba is investigating a claim by the hacker group DarkSide that it breached the computer systems of affiliate Toshiba Tec Corp. The group is claiming to have stolen information on management, new businesses and personal information. General Executive Masaharu Kamo said no other Toshiba units were affected by the cyberattack.Toshiba will provide specifics on how it intends to execute the shareholder return plan in June. It has not yet decided its dividend plan for the year ahead, but will maintain its basic policy and look to increase, it said.(Updates with CEO comments from fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

    • Bloomberg

      Toshiba Drops After Disclosing CVC Buyout Offer Has Stalled

      (Bloomberg) -- Toshiba Corp. shares tumbled after the Japanese company said a potential buyout offer from CVC Capital Partners has stalled.Toshiba revealed a preliminary approach from CVC in early April, which sent its stock soaring. Just days later, the company’s board urged caution over the discussions, warning the proposal may not lead to a transaction.In the latest chapter of the convoluted drama, Toshiba revealed it had received a letter from CVC on Monday, but it included “no specific and detailed information capable of detailed evaluation.” Toshiba shares fell 3.3% on Wednesday.“It merely stated that CVC would step aside to await our guidance as to whether a privatization of Toshiba would suit management’s and the Board of Directors’ strategic objectives,” the statement said.“As this preliminary proposal lacks the required information the Board has concluded it is not possible to evaluate it,” it said.The disclosure is yet another setback for any potential buyout of the Japanese company, which also saw the resignation of its chief executive officer earlier this month. Nobuaki Kurumatani, who had previously worked at CVC, stepped down after he suffered a sharp drop in support from Toshiba employees and executives.It’s not clear whether other reported bidders will proceed after CVC. After the firm’s initial approach, private equity firm KKR & Co. and Canadian investment giant Brookfield Asset Management Inc. began exploring potential offers, Bloomberg News reported.Bain Capital has entered into discussions with Japanese banks, including units of Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., to secure funding for a potential bid, Reuters reported Wednesday.Satoshi Tsunakawa, who took over as CEO this month, offered reassurances that Toshiba would remain a strong Japanese company and invest in research and development. His comments appeared aimed at reassuring employees and business partners in the wake of the CVC offer.(Updates with shares and Bain report from the third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

    • Bloomberg

      Trip.com Seeks Up to $1.4 Billion Hong Kong Second Listing

      (Bloomberg) -- Online travel platform Trip.com Group Ltd. is seeking to raise as much as HK$10.5 billion ($1.4 billion) in a Hong Kong second listing, adding to the growing cohort of U.S.-traded Chinese companies selling shares in the Asian financial hub.Nasdaq-listed Trip.com is offering 31.6 million shares, according to a statement Wednesday. It has set a maximum price of HK$333 for the portion of the deal reserved for Hong Kong retail investors. That price translates into more than a 6% premium to the company’s closing price in New York on Tuesday, prior to the announcement.Trip.com’s American depositary shares closed 3.4% lower on Wednesday, giving the firm a market value of $23.3 billion.The company plans to price the offering April 13 Hong Kong time, the statement shows. One of Trip.com’s ADS is equivalent to one ordinary share.Trip.com is the fourth U.S.-listed Chinese firm to seek a trading foothold in Hong Kong this year. Search giant Baidu Inc., video streaming service Bilibili Inc. and car sales website Autohome Inc. raised a combined $6.4 billion in the first quarter, according to data compiled by Bloomberg.The companies have been flocking to Hong Kong as a way to hedge against the risk of being kicked off U.S. exchanges as a result of rising Sino-U.S. tensions, as well as to bring in more Asia-based investors. Last year, such second listings raised $17 billion.Still, Trip.com’s share sale in the city comes as tech shares globally are losing their shine. Investors are rotating out of richly valued growth stocks into ones that are expected to benefit from a recovery of the global economy.Baidu has dropped 12% from its listing price in Hong Kong, while Bilibili’s second-listing shares have risen 8.2% after a lackluster debut which saw them close below their offer price.Trip.com, which owns travel search website Skyscanner, reported revenue of 18.3 billion yuan ($2.8 billion) last year, a 49% drop year-on-year due to the coronavirus pandemic, according to its prospectus. It lost 3.27 billion yuan in 2020 after making a profit of almost 7 billion yuan in 2019. While a recovery in international travel has been slow as the pandemic eases, travel within China has rebounded thanks to its relative success in containing Covid-19.The company plans to use the proceeds from the listing to fund the expansion of its travel offerings, improve user experience and invest in technology.JPMorgan Chase & Co., China International Capital Corp. and Goldman Sachs Group Inc. are joint sponsors for Trip.com’s listing. HSBC Holdings Plc and CMB International Capital Ltd. are also helping lead the deal as joint global coordinators, according to a regulatory filing Wednesday.ICBC International Securities Ltd., BOC International Holdings Ltd., CCB International Holdings Ltd., ABC International Holdings Ltd., DBS Group Holdings Ltd., Mizuho Financial Group Inc., Haitong International Securities Group Ltd. and Nomura Holdings Inc. are joint bookrunners, the filing shows.(Updates with ADS closing price in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.