A tender offer that will delist Toshiba Corp. has been successfully completed. Taking the company private will allow for greater management freedom. Long-standing chaos in Toshiba’s management must be stabilized as quickly as possible.
Toshiba has announced that shareholders with about 80% of shares with voting rights have tendered their shares in the takeover bid by a consortium of Japanese companies led by domestic investment fund Japan Industrial Partners, Inc. It satisfied the two-thirds majority requirement for the bid to be successfully completed.
After going through the procedures at Toshiba’s extraordinary shareholders meeting, the JIP consortium will also purchase shares from shareholders who did not accept the tender offer. The total purchase price will be ¥2 trillion.