Private equity fund Japan Industrial Partners has submitted a bid to buy Toshiba Corp for around $15 billion that lacks key commitments from banks, the Nikkei newspaper said on Monday, raising questions about whether the offer can succeed.
, is seen totalling around 2.2 trillion yen , with about 1 trillion yen of that coming from the investors, the Nikkei said.
JIP, previously selected by Toshiba as the preferred bidder, was widely expected not to deliver a firm proposal with banks' commitments in time for a Monday deadline it had received from the company.among some of Japan's big banks, whose funding is seen as critical to financing the deal, sources have said.
A Toshiba representative declined to comment, saying the company could not "answer information about candidates, including co-investors, as it may undermine fair process". Private equity firm JIP and state-backed JIC had previously teamed up in a first-round of bidding for Toshiba earlier this year but then they parted ways for the second round.