TOKYO (Reuters) – Toshiba’s largest shareholder Effissimo Capital Management has decided to tender shares in the takeover offer led by Japan Industrial Partners (JIP), a source familiar with the matter said on Friday.
After thorough consideration, Effissimo Capital Management, which holds a significant 9.89% stake in Toshiba, has made the decision to tender their shares in the ongoing takeover offer. This development was disclosed in a document filed to Japan’s financial regulator on Thursday.
Last month, JIP, a renowned private-equity firm, initiated a bid of 4,620 yen per share to acquire Toshiba and take it private. The bid is set to conclude on September 20.
In order for the bid to succeed, at least two-thirds of shareholders must tender their shares. This condition highlights the significance of Effissimo’s decision, given its substantial stake in the industrial conglomerate.
This recent move by Effissimo Capital Management adds an interesting twist to the ongoing developments surrounding Toshiba’s potential takeover. The shareholder’s decision to tender their shares implies a level of support for JIP’s bid and could potentially impact the outcome of the overall acquisition process.
Effissimo’s willingness to participate in this takeover offer demonstrates the confidence they have in JIP’s ability to drive Toshiba’s future growth and enhance its market position. It also reflects their assessment that this bid represents a favorable opportunity for Toshiba’s shareholders.
As the deadline for the bid approaches, market observers and other shareholders will closely monitor the outcome, considering the significant role played by Effissimo Capital Management in the decision-making process.
Toshiba, as a prominent industrial conglomerate, has attracted attention from various investors and potential acquirers. Its current situation serves as a focal point for discussions regarding the competitive landscape and consolidation trends within the technology and manufacturing sectors.
With Effissimo’s support for JIP’s takeover bid, the trajectory of Toshiba’s future ownership is likely to be shaped by the decisions made by shareholders in response to this ongoing development.
Reporting by Makiko Yamazaki; Writing by Kantaro Komiya; Editing by Jacqueline Wong and Neil Fullick
Credit: The Star : Tech Feed
