Toshiba CEO resigns, shares surge on bidding war expectationsc

Toshiba CEO resigns, shares surge on bidding war expectationsc
# 14 April 2021 08:06 (UTC +04:00)

Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate's shares surged on reports that more suitors were planning offers, APA reports quoting Reuters.

Toshiba Chairman Satoshi Tsunakawa will become chief executive, the company said in a statement.

The statement gave no reason for the resignation but Kurumatani has come under much fire over the bid from CVC, his former employer, and his testy relations with the company's large activist shareholder base.

A news conference is planned at 12.30 local time.

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