Toshiba recently made a shortlist of candidates for the organization’s acquisition. The board indicates it’s not interested in a quick deal.

The list includes ten potential buyers. Eight of the candidates propose to privatize and delist the company. Two of the candidates propose to invest while Toshiba remains listed.

The candidates emerged after an extensive and careful selection process. The parties were invited by the board to participate in the second round. No names were mentioned by the board, but there’s talk of private investors Bain, Japan Industrial Partners, Brookfield Asset Management and CVC Capital Partners. KRR is said to have dropped out of the bidding process. Blackstone would not have made it to the second round.

Conditions

Toshiba mentioned a number of conditions that potential buyers need to meet. These include an adequate bid, medium-term potential for improving the organization, financial agreements and compliance with Japanese laws and regulations.

Buyers that want to participate in the second round must also submit extensive legal documents. This includes an analysis of the organization’s legal, financial and tax situation. The submission deadline is unknown. Toshiba indicates it’s not in a hurry.

Rough times

Toshiba invited potential buyouts in April of this year. the decision came after a turbulent period plagued by scandals. Earlier plans to split the group into two or three parts met strong objections from shareholders. By deciding to sell, the company tries to regain its composure.

Tip: Toshiba considers a buyout, shares surge