Business | Mar 23

Toshiba board accepts Japan Industrial Partners' $15 billion buyout proposal

Mar 23 (Reuters) - Toshiba Corp's board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday.

A successful deal would see the scandal-ridden industrial conglomerate taken private and firmly in domestic hands after much tension with overseas activist shareholders. It is however not yet clear whether activist funds, which are estimated to own roughly a quarter of the company, will be satisfied with the terms.

Some 20 Japanese companies including financial services firm Orix Corp, chipmaker Rohm Co and Chubu Electric Power plan to take part in the deal, sources have said. It would be the third-largest M&A transaction globally so far this year, according to Refinitiv data. ...continue reading

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