Japan's Toshiba hints at going private

Tokyo: Toshiba executives on Friday said privatisation remains an option for the Japanese technology company, as they defended their efforts to choose the right bidder to restore what they called a strong Toshiba.

Tokyo-based Toshiba has been trying to win over shareholders to a restructuring plan. The company has not given the nationalities or other details of the potential investor partners, including eight that have recommended that Toshiba Corp. go private.

Toshiba's chairperson, Jerry Black, stressed in an online news conference that how bidders' proposals are evaluated will be transparent to all stakeholders.

The goal is for Toshiba to go through what he called a radical transformation quickly, showing a clear direction and leadership, Black told reporters.

In March, investors rejected a company-backed reform proposal to split Toshiba into two

businesses.

Some shareholders, including foreign investment funds and US-based proxy advisory firm Institutional Shareholders Services, opposed the plan. An earlier plan that also was scrapped had called for a three-way split.

Black, who has experience in international consulting and turning around troubled Japanese companies, and Taro Shimada, a former executive at Siemens, have been trying to come up with another plan.

It's important that we focus our assets to move forward. Many people are saying Toshiba has weakened, said Shimada, who took over as chief executive three months ago.

The options will be narrowed down after a June 28 general shareholders' meeting, according to Toshiba.