Toshiba has received offers from 10 potential buyers.
The buyers were not identified and signed confidentiality pledges. Investors were invited to submit non-binding proposals by 30 May, 2022.
Plans to sell the company are moving ahead after shareholders rejected a management proposal to split the company into three standalone companies.
This plan was rejected at a meeting of shareholders in March this year. The next shareholders meeting is planned for June, 2022.
The company has set aside $77 million in expenses to hire financial and legal advisers to undertake the selection process.
According to a Reuters report, the Japanese government said it will not block foreign investors from buying the company.
The sale will be a test of the government’s willingness to allow one of its established corporations to fall under foreign ownership.
Toshiba’s business includes nuclear energy, infrastructure, military radar and semiconductors.
Toshiba has 120,000 employees worldwide and was founded in 1875.