Toshiba says aims to reach deal with potential partners soon as possible
16/12/2022 02:06
TOKYO, Dec 16 (Reuters) - Japan's Toshiba Corp 6502.T ,
which is talks about a buyout, said in a letter to shareholders
on Friday that it was aiming to reach as conclusion with
potential partners as soon as possible.
The letter from Akihiro Watanabe, chairperson of the board,
and Jerry Black, chairperson of Toshiba's special committee
looking at strategic alternatives, added there was no assurance
that a deal would be reached.
Toshiba is "planning to receive binding and bona-fide
proposal(s) and shall be making strong efforts to arrive at a
conclusion as early as possible after necessary negotiations,"
the letter said.
Sources have told Reuters that the company's preferred
bidder, Japan Industrial Partners (JIP), was moving closer to
securing financing from banks for a buyout. A deal is expected
to value the industrial conglomerate at around 2.2 trillion yen
($16 billion).
The Nikkei newspaper reported on Thursday that JIP was
likely to receive 1.2 trillion yen in loans and that the core
banking units of Sumitomo Mitsui Financial Group Inc 8316.T
and Mizuho Financial Group Inc 8411.T would each lend 450
billion yen.
Financial services group Orix Corp 8591.T , chipmaker Rohm
Co Ltd 6963.T and Japan Post Bank Co Ltd 7182.T are among
Japanese companies likely to join JIP in its bid, sources have
previously said.
Shares in Toshiba, whose businesses span nuclear power,
defence technology and which owns 40% of memory chip maker
Kioxia Holdings, were up 1.7% in mid-morning trade.
($1 = 137.3900 yen)
(Reporting by Elaine Lies; Editing by Edwina Gibbs)
((elaine.lies@thomsonreuters.com; +81-3-4563-2748; Reuters
Messaging: elaine.lies@thomsonreuters.com))