Japan's troubled Toshiba to delist after takeover by Japanese consortium succeeds
Toshiba says a 2 trillion yen ($14 billion) tender offer for the troubled electronics and energy giant by a Japanese consortium has been completed, clearing the way for it to be delisted
TOKYO — A 2 trillion yen ($14 billion) tender offer for troubled electronics and energy giant Toshiba by a Japanese consortium has been completed, clearing the way for it to be delisted, the company said Thursday.
In the tender offer, announced last month and ended Wednesday, the number of shares purchased exceeded the minimum needed, at 78.65%, it said.
The switch to Toshiba's new parent company and largest shareholder, called TBJH Inc. will take place on Sept. 27. The move still needs shareholders' approval, and a meeting has been set for November, according to Toshiba.
Toshiba will then delist from the Tokyo Stock Exchange within about a month. That will end its more than seven-decade history as a listed company. The purchase price was at 4,620 yen ($31).
“Toshiba Group will now take a major step toward a new future with a new shareholder,” said its chief executive, Taro Shimada.
Even after privatization, the company will “do the right thing” to try boost its value, he added.
A sprawling accounting scandal, which surfaced in 2015 and involved books being doctored for years added to woes related to Toshiba's nuclear energy business. It faces the daunting and costly task of decommissioning the nuclear power plant in Fukushima, northern Japan, where a tsunami set off three meltdowns in 2011.
A leading brand behind rice cookers, TVs, laptops and other products once symbolic of Japan’s technological prowess, Toshiba had billed the takeover led by the consortium of Japanese banks and major companies, known as Japan Industrial Partners,
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