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Toshiba Corp.
6502,
said Thursday that a tender offer to take the company private ended successfully.
The Japanese industrial giant in March agreed to a takeover proposal made by a consortium led by Tokyo-based private-equity firm Japan Industrial Partners that valued the company at about 2 trillion yen ($13.48 billion).
Toshiba said about 79% of its shareholders tendered their shares for the proposal of Y4,620 a share and that the stock is expected to be delisted.
Toshiba has gone through years of turmoil that started with an accounting scandal in 2015 and included the 2017 bankruptcy filing by its U.S. nuclear subsidiary, Westinghouse Electric. The industrial company has been under strong pressure from overseas investors to consider privatization.
Foreign investors gained greater influence in 2017 when they injected billions of dollars to improve Toshiba’s balance sheet. Last year, the company added representatives from major shareholders Elliott Management and Farallon Capital Management to its board.
The company has sold many of the businesses that made it a well-known name globally, including laptop computers, televisions and medical equipment. Its remaining businesses include energy systems and batteries. It also has a stake in memory-chip business Kioxia Holdings after it sold majority control in 2018.
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