TOSBF - Toshiba picks JIP-led group as preferred buyout bidder - Kyodo

Toshiba ( OTCPK:TOSBF ) ( OTCPK:TOSYY ) has selected a consortium led by Japan Industrial Partners as the preferred bidder for a buyout of the Japanese conglomerate, Kyodo reported Wednesday.

The fund reportedly has asked several companies including Chubu Electric Power and Orix Corp. to invest in an effort to rebuild the troubled company, and would need to procure several hundred billion yen as a premium on top of Toshiba's market cap of nearly 2.2T yen.

Potential buyers had been narrowed down to two groups by the end of last month, one led by JIP and the other led by state-backed fund Japan Investment Corp.

Toshiba's ( OTCPK:TOSBF ) ( OTCPK:TOSYY ) "varied nature... has been hard to handle over the past decade as growth falters," Another Mountain's Rock Investing writes in an analysis published on Seeking Alpha .

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