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Toshiba bidders narrowed down to 2 company groups

This file photo shows Toshiba Corp.'s headquarters in Tokyo. (Mainichi)

TOKYO (Kyodo) -- Toshiba Corp. has received bids for rebuilding the conglomerate from two groups of companies, one led by state-backed fund Japan Investment Corp. and another by Tokyo-based fund Japan Industrial Partners Inc., sources familiar with the matter said Friday.

    With Friday being the deadline for the second round of bidding following the first in July, potential buyers of the troubled conglomerate have been narrowed down to the two groups.

    Japan Investment has partnered with U.S. investment fund Bain Capital, while Japan Industrial Partners has formed an alliance with European fund CVC Capital Partners, with both of them eyeing delisting Toshiba, the sources said.

    The company will consider the proposals by the two groups in light of financials and other aspects, then negotiate with them over the next several months, according to the sources.

    The conglomerate said Friday it has received multiple bids without detailing the number.

    Since the first round of bidding in July, the number of potential bid participants had been narrowed down to four, including Japan Investment and Bain Capital.

    The company's plight began with an accounting scandal in 2015, followed by the 2017 bankruptcy of its U.S. nuclear plant subsidiary Westinghouse Electric Co.

    A series of management woes have further tarnished its corporate image. In 2021, Toshiba executives were found to have colluded with the Ministry of Economy, Trade and Industry to prevent foreign activist shareholders from influencing the board by sending in directors, leading its shareholders to vote out some of the board members at the time.

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