TOKYO: One of Toshiba Corp's top shareholders has called on the Japanese conglomerate to seek other offers from potential suitors following a recent $20 billion buyout bid from CVC Capital partners, according to a statement seen by Reuters.

US hedge fund Farallon Capital Management said Toshiba's board should evaluate "the privatisation proposal in a sincere manner through a fair process that includes a proactive market check and formation of an independent special committee," according to the statement.

The fund is Toshiba's third-largest shareholder with a stake of around 6%.