TOKYO - Toshiba Corp (6502.T)
has disclosed that a consortium led by Japan Industrial Partners (JIP) is
likely to initiate a tender offer for the prominent industrial conglomerate
"sometime in August 2023," slightly delayed from the initial plan in
late July.
As indicated in a statement
released by Toshiba, the delay is attributed to the anticipated completion of
procedures related to foreign competition laws and regulations in certain
jurisdictions, which are expected to be finalized after August 1.
The eagerly awaited buyout
offer, already approved by the Toshiba board, appraises the
electronics-to-power stations manufacturer at a value of 2 trillion yen ($14.35
billion). This transaction would bring the company back into domestic ownership
after a prolonged struggle with overseas activist shareholders.
Notably, about 20 Japanese
firms, including financial services company Orix (8591.T) and chipmaker Rohm Co
(6963.T), have expressed their intent to participate in the deal spearheaded by
the private equity firm, JIP.
Toshiba has confirmed that the
buyout group will swiftly make an official announcement once all the conditions
for the tender offer have been met, or in case of any further adjustments to
the expected schedule.
($1 = 139.4000 yen)
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