Toshiba to Delist in Japan , After 74 Years.
On Sept.
21, Toshiba announced that a $14 billion tender offer from Japan Industrial Partners (JIP) has been successfully completed.
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78.65% of Toshiba shares were tendered, giving JIP a majority of over two-thirds, CNN reports.
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78.65% of Toshiba shares were tendered, giving JIP a majority of over two-thirds, CNN reports.
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As a result, the 148-year-old company will be delisted as soon as December.
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As a result, the 148-year-old company will be delisted as soon as December.
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Activist shareholders and Toshiba were stuck with each other for years.
This takeover allows both sides to escape their mutual bearhug, Travis Lundy of Quiddity Advisors, analyst who publishes on Smartkarma, via CNN.
Toshiba accepted the buyout in March, even though some shareholders thought the company could get a better offer.
Toshiba accepted the buyout in March, even though some shareholders thought the company could get a better offer.
We are deeply grateful to many of our shareholders for being understanding of the company’s position, Toshiba Chief Executive Taro Shimada, via statement.
The company “will now take a major step toward a new future with a new shareholder,” according to CEO Taro Shimada.
Shimada is expected to be retained by JIP.
The company has been marred by scandals and heavy losses since 2015, putting it in the position of nearly being delisted.
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I expect the prospect of management and new ownership alignment will improve morale.
However, to succeed, management needs to be able to tell a better story to investors coming out of this, Travis Lundy of Quiddity Advisors, analyst who publishes on Smartkarma, via CNN
