Toshiba Corp TOSBF TOSYY announces that the $14 billion tender offer from Japan Industrial Partners (JIP) succeeded, allowing the troubled conglomerate to go private.
The Tender Offer has been successfully completed since the total number of shares tendered, which amounted to 340.46 million shares, exceeded the minimum required.
Related: Toshiba Board Urges Shareholders To Approve $14B Takeover: Report
In March, Toshiba agreed to a buyout offer that assessed the worth of the industrial conglomerate at 2 trillion yen (~$13.5 billion). While certain shareholders expressed dissatisfaction with the price, Toshiba contended that there were no indications of a better offer or competing bid in sight, reported Reuters.
Toshiba is set for delisting from the stock exchange as early as December.
The company expressed its deep gratitude to numerous shareholders for their understanding of the company's situation in this regard. With new ownership, Toshiba Group is poised to take a significant step towards a new future.
Price Action: TOSYY shares closed lower by 0.06% at $15.44 on Wednesday.
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