(Bloomberg) -- KKR & Co. is backing away from a potential $22 billion bidding war for Toshiba Corp., the Financial Times reported, citing people familiar with the discussions.

The private equity giant has lost enthusiasm for a takeover of the Japanese industrial icon, opting instead to acquire businesses that will get spun off during a privatization process, the newspaper said. 

KKR’s retreat could pave the way for rivals like Bain Capital to acquire the company, which is trying to leave behind years of scandal and mismanagement. Toshiba has said it’s received eight bids to privatize the company and two offers to form business alliances. KKR and Blackstone Inc. had held exploratory discussions about teaming up on a joint bid for the Japanese conglomerate, Bloomberg News reported in May.

Read more: Toshiba Adds Activist Directors in Move Toward Privatization

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