Toshiba says $14 bln takeover by JIP is on

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1 年前

STORY: 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.