Capital Calls: Toshiba CVC snub damps bid hopes

BARBARIANS REBUFFED. Who snubbed who first? Toshiba’s shares fell 5% early Wednesday after it spurned a $20 billion approach by private equity giant CVC for lacking the detailneeded for full evaluation. Yet the letter, per media reports, also said CVC was pausing anyway to allow the Japanese conglomerate’s new chief executive to talk with shareholders.

CVC’s surprise approach, which surfaced two weeks ago, boosted Toshiba’s stock 29% to a 6-year high by April 14 - the day that boss Nobuaki Kurumatani, formerly an executive with the buyout group, resigned.the scandal-plagued group. The shares never quite reached the roughly 5,000 yen implied in CVC’s numbers, and closed Wednesday at 4,205 yen. A Reuters report of bid interest from CVC rival Bain spurred a rally late in the day.

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