Bain Capital is preparing to tender a bid for a 51% stake in Toshiba’s semiconductor business, reports Nikkei Asian Review.

The US private-equity firm would like the public-private Innovation Network Corp of Japan (INCJ) to invest in a minority stake in the deal, as a potential selling point for the Japanese government and public.

Fellow US PE firm Kohlberg Kravis Roberts has also approached INCJ about a similar deal without apparent success.