TOKYO/HONG KONG : State-backed Japan Investment Corp has hired SMBC Nikko Securities as its financial adviser for its pursuit of a potential equity investment in conglomerate Toshiba Corp, two people familiar with the matter told Reuters.
The company's shareholders on Tuesday voted in two board directors from activist hedge fund investors at its annual general meeting - an inclusion that is expected to add momentum to its exploration of potential buyout deals. It was not immediately clear whether JIC is planning to join hands with a global private equity fund or form its own consortium, but the two sources said that the fund is currently seeking financing for a potential deal.
Sources told Reuters last week that at least one bidder is considering offering up to 7,000 yen per share to take Toshiba private, valuing a potential deal at up to $22 billion.
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