TOKYO (Reuters) – If U.S.-based private equity firm Bain Capital attempted to takeover Toshiba Corp, Effissimo Capital Management announced in a regulatory filing that the top shareholder would be selling all its shares.

A spokesperson from Effissimo in Singapore, which holds 9.9% of Toshiba’s shares, was asked questions about the filing.

Bain claimed that no decision had been made about Toshiba’s takeover bid. However, he added that there were many problems to solve before Toshiba can launch an offer to go private.

It stated that it believes there is a need for honest and thoughtful dialogues between Toshiba management and the Japanese government.

A spokesperson for Toshiba said that Toshiba did not have any immediate comments.

Reuters reports that Bain is considering a bid for Toshiba’s privatization. This makes it one of many interested companies.

Toshiba had discussions with potential private equity companies during a strategic review that lasted five months. Sources said the private equity firms Toshiba held talks with included Bain, KKR & Co (NYSE:) Inc and Blackstone (NYSE:).

Toshiba shareholders voted last week down two competing proposals. One was from Toshiba management and one was backed for private equity buyout by activists shareholders.

Bain holds Kioxia Holdings Corp., which is the second largest maker of NAND flash storage chips. Toshiba owns a 40% interest in the chipmaker.