Toshiba Corp. surged a daily limit of 18% after confirming it received an initial buyout offer from CVC Capital Partners, setting the stage for potentially the largest private equity-led acquisition in years.

The major conglomerate said it is seeking more information as it weighs the proposal. Its board plans to meet Wednesday to discuss the potential deal, one person familiar with the matter said.

Shares of Toshiba surged their most since 2017 to a four-year high in Tokyo, taking its 2021 gain to 57% and market value to nearly ¥2 trillion.