Toshiba gets 8 proposals for privatization from potential partners

© Kyodo News

Toshiba Corp. said Thursday it has received 10 business strategy proposals from potential partners, eight of which recommend that the Japanese conglomerate go private to raise its corporate value.

The remaining two offers for Toshiba were capital and business alliances under which shares of the troubled technology giant with a nearly 150-year history would continue to be listed.

Toshiba did not release the names of the potential partners, which submitted their initial non-binding proposals by the deadline on Monday.

Toshiba has been facing pressure from shareholders, especially foreign activist investors, frustrated by its lackluster efforts to boost growth.

In April, Toshiba said it would welcome proposals on strategic options, including a potential buyout, after shareholders rejected its reform plan to split into two listed companies.

After evaluating the proposals, Toshiba will narrow down potential partners and solicit follow-up offers after its shareholder meeting on June 28.

Japan Investment Corp., owned in large part by the government, and U.S. investment fund Bain Capital are among the companies that have been reported as considering a possible acquisition of Toshiba.