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Toshiba board accepts JIP’s R271bn buyout proposal

Toshiba Corp’s board yesterday accepted a $15bn (R271.5bn) buyout offer from a group led by private equity firm Japan Industrial Partners, the Nikkei business daily reported, potentially drawing a line under years of upheaval.

A successful deal would see JIP and its fellow investors — including Orix Corp, Rohm Co and Chubu Electric Power — acquire one of Japan’s bestknown companies.

The businesses of Toshiba, a sprawling conglomerate, span nuclear power and defence technology, and it owns 40% of memory chip maker Kioxia Holdings. It, declined immediate comment.

Since 2015, Toshiba has been battered by accounting and corporate governance scandals, heavy losses and friction with activist investors.

“This ends months of uncertainty regarding whether a deal was coming and years of uncertainty regarding board understanding of the right price,” analyst Travis Lundy of Quiddity Advisers, who publishes on Smartkarma, said. —

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2023-03-24T07:00:00.0000000Z

2023-03-24T07:00:00.0000000Z

https://herald.pressreader.com/article/281844352882747

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