Hong-Kong-based Oasis Management criticised CVC's proposal as "far below fair value", while US hedge fund Farallon Capital Management urged Toshiba's management to seek multiple offers. The CVC announcement last week is said to have thrown Toshiba's upper echelons into "civil war", with at least two major shareholders asking the board to be open to any other bids from private equity groups. Mr Kurumatani, who previously ran CVC's Japanese operations, has been under sustained pressure from activist investors that a buyout by his old employer would have relieved. It comes after the Financial Times reported that New-York-based investment fund KKR is preparing to challenge its British rival CVC Capital Partners' £14.5bn buyout offer with a rival bid of its own. Sources told Reuters that Nobuaki Kurumatani, who faces a board meeting on Wednesday that was expected to discuss removing him, will resign before he can be taken out of the running.
Toshiba's chief executive is planning to step down as a private equity bidding war erupts for control of the venerable Japanese tech conglomerate, according to reports.
#TOSHIBA CHAIR RESIGNS AFTER $6.3BN NUCLEAR WRITEDOWN UPDATE#
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