TOSBF - Toshiba board agrees to accept $15.3B buyout proposal from a Japanese consortium

2023-03-23 04:24:12 ET

• The iconic Japanese firm Toshiba ( OTCPK:TOSBF ) accepted a $15.3B buyout offer from a consortium of Japanese firms led by domestic private equity firm Japan Industrial Partners Inc., as the company moves closer to closing an eventful chapter in its history, the Nikkei business daily reported.
• The move may enhance Toshiba’s corporate value and shareholder returns, it said.
• The offer is aimed at boosting value by collaborating with investing companies. Toshiba, which has multiple activist shareholders, will then be held by a single company helping to ease decision-making.
• Following the takeover, the restructuring process at Toshiba, which began after the company received its first takeover bid in the spring of 2021, shall conclude.
• In April last year, Toshiba had begun publicly soliciting restructuring proposals, including delisting. JIP, which had obtained preferential negotiating rights through the bidding process, submitted a takeover offer in November. After receiving loan commitments from financial institutions, it submitted a final proposal in February.
• The J IP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

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