Toshiba Medical in centre of bidding war

An intense bidding war for Toshiba Medical Systems is taking place between Mitsui, Canon and Konica Minolta, according to the Asian Review

Toshiba is looking to unload 51% of its health care device subsidiary and will be accepting bids at the end of the week with its decision on a buyer being made at the end of March.

Toshiba Medical represents "a once-in-a-lifetime opportunity, and we are willing to purchase it," Toshizo Tanaka, Canon's executive vice president, told a Wednesday news conference.

He also hinted that the company is gathering funds for a bid - seen to be in the hundreds of billions of yen - in part by taking out bank loans, the Asian Review reported.

Mitsui and Kohlberg Kravis Roberts (KKR), owner of Panasonic Healthcare Holdings, are expected to form a tie-up if they wish to purchase Toshiba Medical Systems, according to the news site.

Fujifilm Holdings has already thrown its hat into the ring and is currently procuring funds and making other arrangements and the Asian Review said that Hitachi is also eyeing a purchase.

Sony, however, does not plan to make a bid, with an executive saying the technological synergies are "slim."