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Toshiba accepts buyout proposal
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Credit: Reuters/Japan Times
Toshiba accepts buyout proposal
Toshiba's board has approved a $15 billion offer from a consortium led by Japanese buyout fund Japan Industrial Partners (JIP). If the deal goes ahead, it will be Japan's biggest ever take-private deal.
The offer values Toshiba at ¥4,620 ($35) per share, a 21% premium to its share price before a $20 billion take-private offer from European private equity firm CVC came to light in 2021.
The FT is reporting ($) that one investor said that the premium being offered by JIP appeared extremely low, but that investors would likely welcome the chance to exit.
It would not be the first time Toshiba shareholders have been shortchanged. COO Goro Yanase was made to resign in February after auditors found he had submitted entertainment expense claims without reporting the names of attendees – good to see that auditors do occasionally pick things up.
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