'On the verge of ending, the light has finally appeared.'
Japanese conglomerate company Toshiba Corp is now open to any offer of a deal including a potential purchase to strengthen expectations for a sale by its investors.
On the other hand, Toshiba shares soared nearly 5% during the early morning trading session in Tokyo.
The case that Toshiba has announced, which is battling with its major shareholders over the company's direction and ahead of its annual general meeting in June, has signaled how much pressure there is from investors to consider a sale.
It is understood that before this the company investors have contacted Toshiba openly and several times privately regarding the direction of the company.
For now, Toshiba has appointed Nomura Securities as a financial advisor to discuss strategic alternatives including the potential for privatization.
According to sources, one of Toshiba's largest shareholders, Effissimo Capital Management last month confirmed that it had agreed to sell its held interest to Bain Capital.
Effissimo Capital Management explained that if the United States (US) equity firm made a tender offer, it would increase pressure on Toshiba to resume buying talks.
However, Bain said no decision had been made regarding the bidding even though the Nikkei had reported the firm was planning to work with a Japanese investment fund to make the bid.
As far as is known, the inclusion of local funds is seen as critical considering that some of Toshiba's assets including defense equipment and nuclear power are seen as strategically important in Japan.
Meanwhile, Toshiba shares were up 4.5% at 5,404 yen, or US$42.19.
