The Japanese conglomerate Toshiba confirmed that it has received a buyout offer from the private equity firm CVC Capital Partners. While the size of the offer has not been officially disclosed, reports have indicated it could be as high as $18 billion.
Shares of Toshiba reacted positively to the news and were up nearly 24% following the report in a Japanese newspaper.
The company, which was once one of the most innovative names in the technology industry, has struggled in recent years due to strategic missteps and financial scandal.
It made significant investments in nuclear power prior to the Fukushima disaster, sold off its computer and chip business, and said in 2015 that the company has been manipulating its financial results to report stronger earnings since 2008.
Now, CVC is looking to take the company private and set it on a course for a brighter future.