Toshiba Corporation CEO Nobuaki Kurumatani has resigned amid controversy over a $20 billion buyout bid from CVC Capital Partners and the amalgam shares grew on stories that more admirers were planning proposals.

Toshiba Chairman Satoshi Tsunakawa will grow as the chief executive, the organization stated in a report. The report provided no cause for the withdrawal but Kurumatani has developed under significant fire over the bid from CVC, his former employer, and his grouchy relations with the company’s extensive activist shareholder base.

A news conference is designed for 12.30 local time. (0330 GMT)His retirement could upend CVC’s proposal last week to take Toshiba private at a moment when rival suitors are assumed to be considering bids.

Individual equity giant KKR & Co is analyzing a buyout proposal that would exceed CVC’s, the Financial Times has published, ordering several forms notified on the ideas.

Canada’s Brookfield Asset Management Inc is in the preceding stages of investigating a suggestion, Bloomberg News stated, citing a character with experience of the matter asserted. A spokesperson for KKR Japan refused an explanation.

Brookfield did not directly reply to a request to discuss. Authorizations familiar with the matter have announced a CVC takeover would protect Kurumatani and extra managers from trouble from activist shareholders.

The activist shareholders have strongly promoted an inquiry into whether the administration urged investors to help their choices.

The specialists refused to be recognized due to the delicacy of the matter.

Shares in Toshiba continued to trade 7% higher at 4,900 yen, not far off the 5,000 yen per share level reportedly offered by CVC Capital.