
The logo of Toshiba Corporation is displayed at the company’s building in Kawasaki, Japan.
14:11 JST, June 8, 2023
TOKYO, June 8 (Reuters) – Japan’s Toshiba Corp 6502.T said on Thursday its board of directors has decided to recommend shareholders take up a tender offer from a consortium led by private-equity firm Japan Industrial Partners (JIP).
Toshiba plans to hold an online press conference to discuss the tender offer at 0400 GMT.
The board earlier this year accepted the buyout offer, which would value the conglomerate at 4,620 yen apiece or 2 trillion yen ($14.29 billion), but did not go as far as recommending shareholders tender their shares.
The latest decision helps pave the way for a successful buyout, which would see the scandal-ridden company taken private and firmly in domestic hands after much tension with overseas activist shareholders.
Since 2015, the industrial conglomerate has been battered by accounting scandals and suffered heavy loss, and came close to being delisted. It was then engulfed in a series of corporate governance scandals.
“As a result of the transaction, the company would build a stable management base to implement a consistent business strategy to reform and grow the company over the medium to long term,” Toshiba said on Thursday.
The company said in March the consortium aimed for the tender offer to start in the last 10 days of July 2023 to purchase at least 288,564,300 shares.
($1 = 139.9100 yen)
"News Services" POPULAR ARTICLE
-
India Says It Attacked Pakistan, Pakistani Kashmir
-
Japan’s Nikkei Stock Average Ends Higher; NTT Data Surges on Takeover Report (UPDATE 1)
-
Putin Declares 3-Day May Ceasefire to Mark 80 Years Since World War Two Victory
-
Prime Minister Ishiba Reiterates Demand for U.S. Removal of Auto Tariffs
-
Panasonic to Cut 10,000 Employees, Expects to Book $900 Million Reform Costs
JN ACCESS RANKING
-
Core Inflation in Japan’s Capital Sharply Accelerates in April
-
U.S. Holds Fire Over Yen Exchange Rate Targets; Bessent Said to Understand Negative Impact on Markets
-
Rents Mark 30-Year-High Rate of Rise; Decrease in Disposable Income May Dampen Personal Consumption
-
Japanese Govt Mulls Raising Number of Cars to be Imported Under Simplified Screen System in U.S. Tariff Negotiations
-
Japan Must Take Lead in Maintaining Free Trade System, Says Chairman of Japan Trade Group