{"id":21029,"date":"2023-09-21T02:30:00","date_gmt":"2023-09-21T02:30:00","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/toshiba-says-14-billion-takeover-bid-by-jip-has-succeeded\/"},"modified":"2023-09-21T02:30:00","modified_gmt":"2023-09-21T02:30:00","slug":"toshiba-says-14-billion-takeover-bid-by-jip-has-succeeded","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21029","title":{"rendered":"Toshiba says $14 billion takeover bid by JIP has succeeded"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of Toshiba Corporation is displayed at the company’s building in Kawasaki, Japan, April 5, 2023. REUTERS\/Androniki Christodoulou\/File Photo<\/span>
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By Makiko Yamazaki<\/p>\n

TOKYO (Reuters) – Toshiba (OTC:) said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success – a deal which paves the way for the embattled industrial conglomerate to go private.<\/p>\n

The JIP-led consortium saw 78.65% of Toshiba shares tendered, giving the group a majority of more than two thirds which would be enough to squeeze out remaining shareholders.<\/p>\n

The deal puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders.<\/p>\n

Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price offered, Toshiba argued that there was no prospect of a higher offer or competing bid.<\/p>\n

“We are deeply grateful to many of our shareholders for being understanding of the company’s position,” Toshiba Chief Executive Taro Shimada said in a statement on Thursday. Toshiba “will now take a major step toward a new future with a new shareholder,” he added.<\/p>\n

Toshiba has said its complex relationships with various stakeholders, including shareholders with different opinions, have hampered business operations and that a stable shareholder base would help the company pursue its long-term strategy. <\/p>\n

Although not well known overseas, JIP has been involved in corporate carve outs and spin offs from Japanese conglomerates, including Olympus’ camera business and Sony <\/span><\/span> (NYSE:) Group’s laptop computer business.<\/p>\n

JIP plans to retain CEO Shimada and his management team.<\/p>\n

Since 2015, Toshiba has been battered by accounting scandals, suffered heavy losses and also came close to being delisted. It has also been engulfed in a series of corporate governance scandals.<\/p>\n

JIP’s consortium includes 20 Japanese companies, led by chipmaker Rohm, financial services firm Orix <\/span><\/span> (NYSE:) and Chubu Electric Power. <\/p>\n

($1 = 148.3000 yen) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of Toshiba Corporation is displayed at the company’s building in Kawasaki, Japan, April 5, 2023. REUTERS\/Androniki Christodoulou\/File Photo By Makiko Yamazaki TOKYO (Reuters) – Toshiba (OTC:) said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success – a<\/p>\n","protected":false},"author":1,"featured_media":9153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-21029","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nToshiba says $14 billion takeover bid by JIP has succeeded | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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