Toshiba’s board has yet to decide whether the struggling conglomerate should continue its privatization, as talks with investors over the company’s strategic direction continue.

The board “has not yet decided on the most appropriate course of action and continues to explore feasible strategic alternatives,” Toshiba said Wednesday. Its panel exploring strategic alternatives has engaged in an active dialogue with potential investors, but there are “multiple issues” associated with a possible privatization to be resolved, the company said.

Toshiba began pricing options including privatization in May after weeks of buyout talks sparked by the $ 21 billion takeover bid from private equity firm CVC Capital Partners. Investors, including 3D Investment Partners, have pressured the Japanese energy-to-electronics conglomerate to conduct a comprehensive strategic review and explore any serious interest in the company in order to restore shareholder confidence. Toshiba’s shares were little changed in the early afternoon in Tokyo. They have advanced around 5% since the company launched the review, saying it had appointed UBS as its financial advisor and would consider potential offers.

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