Toshiba accepts $15.3 billion buyout offer
Japanese electronics manufacturer Toshiba reportedly accepted a buyout offer from a consortium led by a Tokyo-based fund.
According to the news in the national press, the Japanese manufacturer company, Tokyo -based Japan Industrial Partners (JIP Inc.) accepted the takeover offer of the group managed by the fund.
Japanese banks will also finance the 2 trillion yen ($15.3 billion) bid of the consortium, which includes more than 20 Japanese companies and institutions.
The consortium will tender to Toshiba’s existing shareholders for the share purchase.
CORPORATE IMAGE AND BANKRUPTCY
Toshiba, one of the well-established manufacturers of Japan with its 150-year market history, damaged its domestic corporate image in 2015 with an internal accounting scandal.
The bankruptcy of Westinghouse Electric Co., Toshiba’s nuclear power plant subsidiary in the USA, in 2017, made a splash in international markets.
It was also revealed that in 2021, the company’s executives agreed with the officials of the Japanese Ministry of Commerce to curb the influence of foreign shareholders on the board of directors.