Science & Technology

Toshiba’s takeover bid by Japanese consortium closes successfully

Tokyo, Sep 21 (EFE).- The takeover of struggling Japanese technology company Toshiba has been successfully carried out, as announced Thursday by the company itself, whose financial situation has been compromised in the last decade.

According to the text, the public acquisition offer operation valued at about JPY2 trillion (about $13.5 billion) was carried out by a conglomerate of 20 companies led by the Japan Industrial Partners fund and activated on Aug. 8, having attracted 78.65 percent of Toshiba titles.

In this way, Toshiba says, it is expected that the ownership of both the new parent company and the new majority shareholder will become effective Wednesday.

Although Toshiba’s board of directors initially considered the takeover price per share insufficient, it ended up asking its shareholders to sell due to the lack of better offers and the worsening of the company’s finances.

The takeover bid that has been successfully closed will mean the end of the listing of the company, which went public in Tokyo in 1949.

Once one of the largest global technology corporations, Toshiba has been immersed in serious economic problems for years. It has been plagued by various accounting scandals and large losses in its nuclear business, which led it to divest itself of several of its most important branches, such as those of semiconductors, image sensors and computers.

The conglomerate has been trying for years to carry out a restructuring that has been punctuated by obstacles from its own shareholders, especially from foreign investors with whom it will now be able to cut ties.

After hearing the news, Toshiba shares on the Tokyo Stock Exchange rose 0.15 percent in the first two hours of trading. EFE


Related Articles

Back to top button