According to Reuters, Japanese tech giant Toshiba is sticking to its plan of splitting the organization into three separate parts. The company has recently refused several acquisition proposals from private investment companies.

After a series of scandals, Toshiba announced that it wanted to regain the trust of shareholders by splitting into three independent parts. Toshiba’s management remains adamant about its proposed plan.

In the Separation Plan, the current energy and infrastructure division and the device and storage division will continue independently within the group. Toshiba itself will then primarily manage the interests of the various companies it participates in, either as a major shareholder or otherwise.

Reuters reports that several private investment companies proposed buy-ins to Toshiba in response to this plan. An unnamed private investment company would be willing to pay over 20 billion euros (23 billion dollars or 2.6 billion Japanese yen) for the tech giant. Reportedly, another investor would also like to acquire Toshiba at around that price. According to Reuters, possible investors are KKR & Co and Bain Capital.

Toshiba itself consulted its face value with private investment companies. Resultingly, the organization indicated that any buyout by a private investor would not yield an amount interesting enough to pursue this path. According to Toshiba, the proposed three-way split provides more value to its shareholders, and is therefore preferred.