Toshiba Accepts $15B Acquisition Bid From JIP Group: Report

  • Toshiba Corp TOSYY has reportedly accepted an acquisition offer from a Japanese consortium.
  • The company's board approved a bid of $15.3 billion from a group led by private equity firm Japan Industrial Partners Inc., and the offer price represents a 9.6% premium to Toshiba's closing price on March 23, reported Bloomberg.
  • The group comprises about 20 Japanese companies, including Orix Corp IX, Rohm Co, and Chubu Electric Power Co.
  • The report further noted that Toshiba's management, the Japanese government and vocal foreign shareholders of the company clashed over its future, with the investors batting for maximum returns while the government wanted to keep sensitive businesses out of foreign influence.
  • "Having a resolution here would be a positive, as one of the issues for Toshiba has been a lack of a consistent strategy due to the constant changes of direction," the report cited LightStream Research analyst Mio Kato.
  • Price Action: TOSYY shares closed higher by 0.13% at $16.02 on Wednesday.
  • Photo Via Company

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