![]() ![]() But “it still leaves some work to do in terms of establishing new growth drivers and maximizing the potential of some of the emerging businesses.” “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,” said Mio Kato, an analyst at LightStream Research. Toshiba’s management, the Japanese government and the company’s large proportion of vocal foreign shareholders have been at odds over the company’s future, with activist investors seeking to maximize returns while the state prioritized keeping sensitive technologies and businesses out of foreign hands. The move could bring down the curtain on years of turbulence at the storied Japanese firm after a series of scandals plunged it into difficulty and set it on the path to a sale. are among the firms, the Nikkei reported before the statement, confirming earlier Bloomberg News reports. Seventeen Japanese companies and six domestic financial institutions will participate in the buyout, Toshiba said. local time.Īs the next step, a tender offer is expected to start in late July, with the exact schedule to be announced later, the company said. Its shares rose 6.1% to 4,471 yen as of 9:09 a.m. The offer is at about a 9.7% premium to Toshiba’s closing price on Thursday. The Tokyo-based company’s board approved on Thursday a bid of about 2 trillion yen ($15.3 billion) from a group led by domestic private equity firm Japan Industrial Partners Inc., or 4,620 yen per share, it said in a statement. Jack Dorsey’s Block Vows to Fight Back After Hindenburg Says It’s Short the StockĬredit Suisse, UBS Among Banks in DOJ Russia-Sanctions Probe Jack Dorsey’s Wealth Tumbles $526 Million After Hindenburg Short UBS Sends Khan to Stem Credit Suisse’s Private Banker Exits Shares jumped on Friday in Tokyo.ĭeutsche Bank Slumps in Resurgence of European Bank Worries accepted a buyout offer from a Japanese consortium, as the iconic conglomerate moved a step closer to ending a troubled chapter in its more-than-140-year history.
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