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☆ Toshiba board recommends shareholders support JIP-led $14 bln buyout
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

TOKYO, June 8 (Reuters) - Japan's Toshiba Corp (6502.T) said on Thursday its board of directors has decided to recommend shareholders take up a tender offer from a consortium led by private equity firm Japan Industrial Partners (JIP). The board earlier this year accepted the buyout offer, which would value the conglomerate at 4,620 yen a share or 2 trillion yen ($14.29 billion), but did not go as far as recommending shareholders tender their shares. Since 2015, Toshiba has been battered by accounting scandals and suffered heavy loss, and came close to being delisted. Toshiba plans to hold an online press conference on the matter at 1:00 p.m. (0400 GMT). ($1 = 139.9100 yen)Reporting by Kiyoshi Takenaka; Editing by Shri Navaratnam and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Kiyoshi Takenaka, Shri Navaratnam, Christopher Cushing Organizations: Japan's Toshiba Corp, Japan Industrial Partners, Toshiba, Thomson Locations: TOKYO

☆ Toshiba warns on profit after Q3 slump; COO resigns over expenses
▼ + stars: | 2023-02-14 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

Companies Toshiba Corp FollowTOKYO, Feb 14 (Reuters) - Japan's Toshiba Corp (6502.T) slashed its annual earnings estimate after third-quarter profit slumped, while its chief operating officer resigned over the inappropriate use of entertainment expenses some years ago. Hit by weak demand for hard disk drives due to reduced investments in data, Toshiba said quarterly operating profit tumbled 88% to 5.3 billion yen ($40.4 million), far less than a Refinitiv consensus estimate of 37 billion yen. The industrial conglomerate also took a large charge relating to an old project for its power generation systems business. Its profit estimate for the year ending in March was cut by a quarter to 95 billion yen. Toshiba said COO Goro Yanase had resigned over the inappropriate use of entertainment expenses in 2019 when he was an executive at a company unit.

☆ Toshiba says aims to reach deal with potential partners soon as possible
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 16 (Reuters) - Japan's Toshiba Corp (6502.T), which is talks about a buyout, said in a letter to shareholders on Friday that it was aiming to reach as conclusion with potential partners as soon as possible. Toshiba is "planning to receive binding and bona-fide proposal(s) and shall be making strong efforts to arrive at a conclusion as early as possible after necessary negotiations," the letter said. Sources have told Reuters that the company's preferred bidder, Japan Industrial Partners (JIP), was moving closer to securing financing from banks for a buyout. A deal is expected to value the industrial conglomerate at around 2.2 trillion yen ($16 billion). Shares in Toshiba, whose businesses span nuclear power, defence technology and which owns 40% of memory chip maker Kioxia Holdings, were up 1.7% in mid-morning trade.

☆ Toshiba reports 75% plunge in Q2 operating profit, cuts full-year outlook
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Nov 11 (Reuters) - Japan's Toshiba Corp (6502.T) on Friday reported a 75% slump in second-quarter operating profit and lowered its full-year earnings outlook. It posted an operating profit of 7.54 billion yen ($53.2 million) for the July-September quarter. The result compared with a consensus estimate of 36.9 billion yen from four analysts polled by Refinitiv. Toshiba, which is exploring options for a buyout, cut its profit forecast for the year ending March to 125 billion yen from 170 billion yen. ($1 = 141.6500 yen)Reporting by Makiko Yamazaki; Editing by David Dolan and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

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