Suara Malaysia
ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
Sunday, November 10, 2024
More
    ADVERTISEMENTFly London from Kuala LumpurFly London from Kuala Lumpur
    HomeTechToshiba wins shareholder support for JIP's $14 billion takeover offer

    Toshiba wins shareholder support for JIP's $14 billion takeover offer

    -

    Fly AirAsia from Kuala Lumpur

    TOKYO (Reuters) – A consortium led by private equity firm Japan Industrial Partners (JIP) has acquired 78.65% of Toshiba through a tender offer, according to Toshiba’s announcement on Thursday. This development brings them a step closer to finalizing a $14 billion deal that will make the company private.

    By obtaining ownership of over two-thirds of the company, the JIP group will be able to force out the remaining shareholders. As a result, Toshiba is set to be delisted from the stock market in December, effectively ending its 74-year run as a publicly listed firm.

    After years of conflicts with foreign activist shareholders, the deal places the electronics-to-power stations manufacturer in the hands of Japanese owners. JIP is leading a consortium consisting of around 20 Japanese companies, including financial services firm Orix and chipmaker Rohm.

    In March, Toshiba accepted JIP’s buyout offer, which valued the industrial conglomerate at 2 trillion yen ($13.5 billion). Despite some shareholders deeming the offer price of 4,620 yen per share unsatisfactory, there were no alternative or higher bids on the horizon.

    “We are deeply grateful to many of our shareholders for being understanding of the company’s position,” expressed Toshiba Chief Executive Taro Shimada in a statement on Thursday. He also stated that Toshiba will “now take a major step toward a new future with a new shareholder”.

    Toshiba has faced numerous challenges since 2015, including accounting scandals, substantial losses, and the risk of being delisted. It has also been involved in several corporate governance controversies.

    ($1 = 148.3000 yen)

    (Reporting by Makiko Yamazaki; Editing by Kim Coghill and Christopher Cushing)

    ALSO READ:  Financial exchanges still split on crypto - industry survey



    Credit: The Star : Tech Feed

    Suara
    Suarahttps://www.suara.my
    Tech enthusiast turning dreams into reality, one byte at a time 🚀

    Related articles

    ADVERTISEMENTFly London from Kuala Lumpur

    Subscribe to Newsletter

    To be updated with all the latest news, offers and special announcements.

    Latest posts