(Bloomberg) -- Toshiba Corp.'s largest shareholder said it has agreed to tender its stock in the event of an offer from Bain Capital, reigniting speculation about future takeover bids for the troubled Japanese conglomerate.
Effissimo Capital Management Pte. would tender its entire stake if Bain launched a tender offer to acquire two-thirds or more of Toshiba, the activist shareholder said in a Japanese regulatory filing. Singapore-based Effissimo owns 9.9% of Toshiba, according to data compiled by Bloomberg.
Effissimo and Bain reached the agreement on March 24, the filing said. The disclosure doesn't mean that any decision has been made on a takeover bid.
In a statement, Bain said nothing has been decided about any tender offer.
Toshiba's future was thrown into limbo last week when shareholders voted down two proposals at an extraordinary general meeting. The first, put forward by management, sought to split the company in two. The second, by the firm's second-largest investor, called for Toshiba to reconsider alternative options including a sale.
Midori Hara, a Toshiba spokeswoman, said the company hasn't received any proposal from Bain at this time and the company isn't aware of the details of the agreement between Effissimo and Bain.
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