After the accounting and governance scandals and record losses for Toshiba the moment of the turning point arrives. The Japanese group has accepted the takeover offer received from the consortium of companies led by the private equity firm Japan Industrial Partners who put 2 trillion yen on the plate, 15,3 billion dollarsabout 14 billion euros. After the preview published by the Japanese financial newspaper Nikkei, the official confirmation of Toshiba has arrived. According to the Japanese newspaper, the future buyer should carry out the operation through a public purchase offer and then proceed with a delisting of Toshiba. All this should take place not before the end of July.
In the note released on the morning of March 23, the company makes it known that Toshiba's board of directors has not, however, recommended to its shareholders to accept the offer.
Toshiba: from scandals to sale
The 15,3 billion offer represents a approximately 9,6% premium compared to Toshiba's closing price on Thursday. According to Refinitv data, it is the major third transaction completed globally in 2023.
Toshiba is a sprawling conglomerate whose businesses include nuclear energy, defense technology and which owns 40% of memory chip maker Kioxia Holdings. About twenty companies, all Japanese, have joined the consortium led by Japan Industrial Parten. These include Orix, Rohm and Chubu Electric Power.
The acquisition could finally put an end to years of turbulence that have involved the Japanese company, including the scandals that have put it in difficulty and set it up for sale. Toshiba's management, the Japanese government and the company's large percentage of foreign shareholders have been at odds over the company's future, with activist investors seeking to maximize returns while the state has prioritized keeping the technologies and sensitive assets out of foreign hands, Bloomberg said.
