Scandal-embattled Japanese electronics and technology manufacturer Toshiba has accepted a 2 trillion yen ($15 billion) tender offer from Japan Industrial...
TOKYO — Scandal-embattled Japanese electronics and technology manufacturer Toshiba has accepted a 2 trillion yen tender offer from Japan Industrial Partners, a buyout fund made up of the nation’s major banks and companies.
Tokyo-based Toshiba Corp. 6502 announced its board accepted the bid at 4,620 yen a share late Thursday. Toshiba closed at 4,213 yen a share Thursday, and is trading at 4,474 yen early Friday. The offer was announced after trading closed in Tokyo. Japan Industrial Partners, set up in 2002 to restructure Japanese companies, lists big names among where it has invested, such as Sony, Hitachi, Olympus and NEC.
Its U.S. nuclear arm Westinghouse filed for bankruptcy in 2017, after years of deep losses as safety costs soared. Toshiba is also involved in the decommissioning effort at the Fukushima nuclear plant heavily damaged by an earthquake and tsunami in March 2011.
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