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Toshiba board agrees to accept JIP's US$15.3b buyout proposal

Tan KW
Publish date: Thu, 23 Mar 2023, 04:26 PM
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TOKYO  Toshiba Corp's board on Thursday (March 23) agreed to accept a buyout proposal worth around 2 trillion yen from a consortium led by private equity firm Japan Industrial Partners (JIP), the Nikkei business daily reported.

Toshiba was not immediately available for comment.

The JIP consortium last month submitted a binding buyout proposal backed by US$10.6 billion in loan commitments from major banks.

JIP intends to take Toshiba private, the Nikkei said, adding that the consortium will include about 20 Japanese companies such as Orix Corp, Rohm Co and Chubu Electric Power.

If successful, the deal would draw a line under years of upheaval for the industrial conglomerate ranging from accounting scandals, heavy losses, corporate governance concerns as well as friction with activist investors that led to a strategic review.

It has taken weeks for the board to proceed with a vote on JIP's proposal as some board members were dissatisfied with its offer price, sources have said.

 


  - Reuters

 

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