kkr co backed off early in part due to concerns about antitrust hurdles and government scrutiny of sensitive technology jip had initially teamed up with a statebacked fund japan investment corp they later parted ways disagreeing over jips intention to keep ceo shimada and his team japan investment corp later discussed joining up with bain capital giving the us private equity firm a muchneeded local partner but the statebacked fund opted to sit out believing its plan for deep restructuring would not appeal to management sources said bain in 2018 bought a majority stake in toshibas most important asset its memory chip business later renaming it kioxia holdings preferred bidder the drawnout process meant toshiba missed the window for an ideal valuation when tech stocks were still going strong lightstreams kato said jip was named the preferred bidder in october but faced pushback from banks over its plan if management stays and pursues the current strategy we cant see how they would improve the company one banker said late last year jip eventually agreed to dispose of underperforming businesses in the event of earnings deteriorating a condition from the banks to get 12 trillion yen in senior loans people said then chief operating officer goro yanase played a big role in consolidating the jip proposal multiple people said he abruptly resigned in february admitting to inappropriate use of entertainment expenses the retention of shimada and before his removal yanase were bank conditions for the loans the company said toshiba felt stable shareholders were desirable to end the tumult unlike current shareholders with many differing views it said jip does not see the need for big strategy adjustments toshiba saidfacebooktwitterlinkedinend of article10910131298799128