Japan's Toshiba said on Friday it has received interest from 10 potential investors after it solicited buyout offers.
It also announced a special dividend of ¥160 ($1.24) per share, worth about $545 million, in an apparent effort to placate activist shareholders.
The industrial conglomerate set up a special committee last month to explore strategic options, including potential deals to go private after shareholders voted down a management-backed restructuring plan.
Toshiba said 10 investors had signed confidentiality pledges, without identifying them. It did not say how many separate proposals it had received.
The investors have received detailed financial information and the deadline for submitting non-binding proposals is May 30.
US private equity firm Bain has sounded out multiple other Toshiba shareholders about teaming up as it prepares to make a buyout offer, sources have previously told Reuters. And Toshiba's top shareholder, Singapore-based Effissimo Capital Management, said it has agreed to sell its 9.9 per cent stake to Bain if it launches a tender offer.
Blackstone and KKR are considering a joint bid for Toshiba, according to media reports earlier this week.
Those three private equity firms and Canadian investment firm Brookfield were tapped by Toshiba's strategic review committee last year to put together and submit their ideas for the conglomerate, sources previously said.
Toshiba said it has hired JP Morgan Chase and Mizuho Financial Group as financial advisers in addition to Nomura Holdings.
It also has delayed board director nominations, saying it needs more time to finalise candidates. The company, which will hold its annual general meeting in June, is trying to ascertain whether there were any conflict-of-interest issues for some candidates, according to a source.
Interim board chairman Satoshi Tsunakawa has been in the position on a temporary basis. Shareholders last year rejected the re-election of his predecessor, angered after an investigation found that the company's management colluded with the Japanese government to put pressure on foreign investors.
Separately, Toshiba forecast a 7 per cent rise in operating profit to ¥170bn for the year through March.
That compares with a consensus estimate of ¥177bn drawn from 11 analysts polled by Refinitiv.
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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