The bidding buyer considered buying Toshiba at a valuation of 22 billion dollars.

On June 23, Reuters quoted three insiders as saying that the buyer bidding for Toshiba was considering privatizing it at a price of up to 7000 yen (about 51.41 dollars) per share, with a transaction valuation of about 22 billion dollars.

Influenced by the above news, the share price of Toshiba (6502. T) once rose by more than 6% in early trading, and then narrowed to 4.4% to 5745 yen.

This old Japanese company has been in trouble in recent years and is now making new strategic choices. Earlier this month, Toshiba has received eight preliminary acquisition plans and two capital alliance plans, which can maintain Toshiba's status as a listed company.

The quotation of 7000 yen per share was 27% higher than Toshiba's closing price of 5501 yen on the 22nd. However, another person familiar with the matter said that the offer was wide in scope and attached with various conditions.

It is reported that KKR, Baring Asia, Blackstone, Bain, Brookfield Asset Management, Amber Kay, Apollo Global Management and CVC Capital have submitted preliminary bids. Some of them may form a consortium to bid.

It is reported that Japanese domestic funds including Japan Investment Corp. and some strategic participants are considering how to participate in the transaction.

Reuters said two people familiar with the matter said Bain had been "very positive" among all possible bidders. Another Japanese investment banker who knew about the transaction said that even at the price of 6500 yen per share, Toshiba's valuation seemed "too high".