JIP to launch $14 bln tender offer for Toshiba on Tuesday

Orix

07/08/2023 07:07

TOKYO, Aug 7 (Reuters) - Toshiba  6502.T  said on Monday
a group led by private equity firm Japan Industrial Partners
(JIP) would launch a $15-billion tender offer on Aug. 8 to take
the industrial conglomerate private and put it in domestic
hands.
    The tender offer, which values the electronics-to-power
stations maker at 2 trillion yen ($14 billion), will complete on
Sept. 20. It was originally scheduled to start in late July, but
pushed back due to a regulatory delay.
    The Toshiba board initially said the 4,620 yen per share
offer price was too low to recommend shareholders tender their
shares, but later concluded the price was "fair" with no
prospects of a higher offer or competing bid and unfavourable
economic conditions.
    Some activist shareholders, although not satisfied with the
price, are tired of years of battles with the company and eager
to exit, sources familiar with the matter have said.
    
    ($1 = 142.2200 yen)

 (Reporting by Makiko Yamazaki
Editing by Chang-Ran Kim)
 ((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))