Companies

Toshiba Says JIP’s $14 Billion Tender Offer Set to Succeed

Yomiuri Shimbun file photo
The headquarters of Toshiba Corp. is seen in Minato Ward, Tokyo, in July 2020.

Reuters

19:50 JST, September 20, 2023

TOKYO (Reuters) — A $14 billion tender offer to take Toshiba private is set to succeed, the Japanese company said on Wednesday, clearing a way for Japan’s biggest deal this year.

Toshiba has received a report from the buyer, a group led by Japan Industrial Partners (JIP), that the tender offer “is forecasted to be successful,” the company said.

JIP, a private equity firm, launched a ¥4,620 ($31.24) per share bid to take Toshiba private last month, a move that would put the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders.

The offer, which ended on Wednesday, needed at least two-thirds of shareholders to tender their shares for it to succeed.