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☆ Toshiba says $14 bln takeover bid by JIP succeeds, set to go private
▼ + stars: | 2023-09-21 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, Sept 21 (Reuters) - Toshiba (6502.T) said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success - a deal which paves the way for the embattled industrial conglomerate to go private. "Activist shareholders and Toshiba were stuck with each other for years. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. Deals involving private equity have been particularly active, including a planned $6.4 billion buyout of materials maker JSR by a government-backed fund.

Persons: Travis Lundy, Taro Shimada, Androniki, Shimada, Lundy, JIP, Sony Group's, chipmaker Rohm, Makiko Yamazaki, Edwina Gibbs Organizations: Toshiba, Japan Industrial Partners, Quiddity Advisors, Toshiba Corporation, REUTERS, Sony, Chubu Electric Power, Thomson Locations: TOKYO, Kawasaki, Japan, Asia

☆ Toshiba says $14 bln takeover bid by JIP has succeeded
▼ + stars: | 2023-09-21 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The deal puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price offered, Toshiba argued that there was no prospect of a higher offer or competing bid. Although not well known overseas, JIP has been involved in corporate carve outs and spin offs from Japanese conglomerates, including Olympus' (7733.T) camera business and Sony Group's (6758.T) laptop computer business.

Persons: Androniki, Taro Shimada, JIP, Sony Group's, Shimada, chipmaker Rohm, Makiko Yamazaki, Christopher Cushing, Edwina Gibbs Organizations: Toshiba Corporation, REUTERS, Rights, Toshiba, Japan Industrial Partners, Olympus, Sony, Chubu Electric Power, Thomson Locations: Kawasaki, Japan

☆ Toshiba is set to delist in Japan after 74 years as part of $14 billion deal
▼ + stars: | 2023-09-21 | by ( ) edition.cnn.com time to read: +3 min

Tokyo Reuters —Toshiba said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success — a deal which paves the way for the embattled industrial conglomerate to go private. The deal puts the 148-year-old electronics-to-power stations maker in domestic hands after years of battles with overseas activist investors. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. It will mark the largest M&A deal in Japan this year.

Persons: —, ”, Travis Lundy, Taro Shimada, Toshiba “, Shimada, “, ” Lundy, JIP, chipmaker Rohm Organizations: Tokyo Reuters, Toshiba, Japan Industrial Partners, “, Quiddity Advisors, ” Toshiba, Sony, Chubu Electric Power Locations: Tokyo, Orix, Japan, Asia

☆ Toshiba wins shareholder support for JIP's $14 bln takeover offer
▼ + stars: | 2023-09-20 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +1 min

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - A consortium led by private equity firm Japan Industrial Partners (JIP) gained 78.65% of Toshiba (6502.T) through a tender offer, Toshiba said, coming a step closer to completing a $14 billion deal to take the company private. Toshiba is now set to be delisted as early as December, ending its 74-year history as a listed firm. Toshiba "will now take a major step toward a new future with a new shareholder". Since 2015, Toshiba has been battered by accounting scandals, suffered heavy loss and came close to being delisted.

Persons: Androniki, JIP, chipmaker Rohm, Taro Shimada, Makiko Yamazaki, Kim Coghill, Christopher Cushing Organizations: Toshiba Corporation, REUTERS, Rights, Japan Industrial Partners, Toshiba, Thomson Locations: Kawasaki, Japan

Other investors who have held Toshiba longer may not be so lucky: the offer price represents a 15% discount from a December 2014 high. Some were introduced to JIP by Toshiba's management, some of the people said, declining to be identified because the information is not public. Toshiba's management, including CEO Taro Shimada, will stay on, while the government keeps Toshiba's sensitive defence and nuclear technologies in Japanese hands. Toshiba felt stable shareholders were desirable to end the tumult, unlike current shareholders "with many differing views", it said. JIP does not see the need for big strategy adjustments, Toshiba said.

☆ The long-running crisis at Japan's Toshiba
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +5 min

Faced with more than $6 billion in liabilities linked to Westinghouse, Toshiba decides to put prized chip unit Toshiba Memory up for sale. Nov. 2021 - Toshiba says it will split into three companies, one for energy, one for infrastructure and the third to manage its Kioxia stake. Feb. 2022 - Toshiba announces a new plan to split into two, spinning off only its devices unit. April 2022 - Toshiba sets up a special committee to resume a strategic review that could see it taken private. Under pressure from shareholders, Toshiba announces a special dividend of some $545 million.

Differences over JIP's plan to retain Toshiba CEO Taro Shimada and his team were a source of friction between the two bidders, according to two sources familiar with the talks. Despite being selected as preferred bidder, JIP has struggled to secure enough equity commitments from potential partners, sources have said. It now looks set to miss a Monday deadline to deliver a firm proposal that includes letters of commitment from banks, sources have said. In late October, JIC expanded the size of its buyout fund to 900 billion yen ($6.11 billion) from 200 billion yen. Two of the sources said the expansion was not just for a Toshiba buyout but also aimed at other deals.

The logo of Toshiba Corp is displayed atop of the company's facility building in Kawasaki, Japan, June 24, 2022. JIP's initial offer was below 6,000 yen per share, the two sources told Reuters, putting the value of a potential tender offer at less than 2.6 trillion yen ($17.5 billion). Investors have considered 6,000 yen to be a key threshold. During a strategic review last year, at least one global private equity firm told Toshiba's review committee that a deal to take the conglomerate private could be done at 6,000 yen a share or more. In Japan, the court-led rehabilitation of auto parts supplier Marelli Holdings Co Ltd - owned by U.S. private equity firm KKR & Co Inc (KKR.N) - has turned banks cautious about terms for financing leveraged buyouts, private equity sources said.

☆ Toshiba shareholders curb their buyout enthusiasm
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters Breakingviews) - Toshiba (6502.T) shareholders are curbing their enthusiasm, and that makes sense. They bid up the Japanese conglomerate’s stock 8% following a report of a 2.8 trillion yen ($19.1 billion) buyout bid led by Japan Industrial Partners. That leaves the company’s enterprise value lagging the new bid by some 12%. Throw in a weak yen and all the global economic turmoil, and getting a buyout done at all will be triumph. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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