Toshiba wins shareholder support for JIP’s $14 billion takeover offer
A consortium led by private equity firm Japan Industrial Partners (JIP) gained 78.65 per cent of Toshiba through a tender offer, Toshiba said, coming a step closer to completing a $14 billion deal to take the company private.
Ownership of more than a two-third majority would be enough for the JIP group to squeeze out remaining shareholders. Toshiba is now set to be delisted as early as December, ending its 74-year history as a listed firm.
The deal puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders.
JIP is joined by some 20 Japanese companies, including financial services firm Orix and chipmaker Rohm .
