Refinitiv Newscasts - Toshiba says $14 bln takeover by JIP is on

Orix

21/09/2023 05:33

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_5hgyshny&referenceId=tag:reuters.com,2023:newsml_RW370221092023RP1_930&pageId=Newscasts
Source: Reuters

Description: Toshiba said on Thursday that a $14 billion tender offer from
private equity firm Japan Industrial Partners had ended in success - a deal
which paves the way for the embattled industrial conglomerate to go private.
Julian Satterthwaite reports.
Short Link: https://refini.tv/3LsUrYs

Video Transcript:

Toshiba says its takeover by Japan Industrial Partners and allies has
succeeded. The deal is valued at $14 billion and has now been backed by enough
shareholders. That paves the way for the embattled conglomerate to go private.
It also puts the firm back in domestic hands, after years of battles with
overseas activist shareholders. Toshiba had initially accepted the buyout bid
back in March. But some investors were unhappy with the price offered.
Although not well known abroad, JIP has been a major player in big moves by
corporate Japan. That includes spin-offs for Olympus’s camera business,
and Sony’s laptop unit. Toshiba hopes that a stable ownership structure
will now afford it a fresh start. It’s been battered by one controversy
after another since 2015. That includes scandals over accounting and corporate
governance. It also suffered heavy losses and came close to being delisted.
The JIP-led consortium now taking charge features 20 Japanese firms, including
chipmaker Rohm and financial services firm Orix