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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

☆ JIP gains 78.65% stake in Toshiba through tender offer
▼ + stars: | 2023-09-20 | by ( ) 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) acquired 78.65% of Toshiba (6502.T) through a tender offer, the company said, coming a step closer to completing the $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. Reporting by Makiko Yamazaki; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Androniki, Makiko Yamazaki, Kim Coghill Organizations: Toshiba Corporation, REUTERS, Rights, Japan Industrial Partners, Toshiba, Thomson Locations: Kawasaki, Japan

☆ JIP says $14 bln tender offer for Toshiba set to succeed
▼ + stars: | 2023-09-20 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 20 (Reuters) - A $14 billion tender offer to take Toshiba (6502.T) private is set to succeed, private equity firm Japan Industrial Partners (JIP) said on Wednesday, clearing the way for Japan's biggest deal this year. JIP's tender offer, which closed on Wednesday, ends Toshiba's 74-year history as a listed firm and puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders. "It is forecasted that the tender offer will be successful," JIP said in a statement, suggesting that at least two-thirds of shareholders have tendered their shares. The final results of the tender offer will be announced once they are finalised, JIP added. Now that JIP has gained a two-third majority, the remaining shareholders would be squeezed out upon a vote at a planned emergency shareholder meeting.

Persons: Androniki, JIP, JIP's, LSEG, Makiko Yamazaki, Louise Heavens, Sharon Singleton Organizations: Toshiba Corporation, REUTERS, Rights, Toshiba, Japan Industrial Partners, Japan's, Effissimo Capital Management, Tokyo, Thomson Locations: Kawasaki, 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

☆ Toshiba's top investor to sell stake in JIP offer, source says
▼ + stars: | 2023-09-15 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 15 (Reuters) - Toshiba's (6502.T) largest shareholder Effissimo Capital Management has decided to tender its 9.9% stake in the $14 billion takeover offer by Japan Industrial Partners (JIP), a source said on Friday, raising the odds of the bid succeeding. The offer, which will end on Sept. 20, needs at least two-thirds of shareholders to tender their shares for it to succeed. Other major shareholders, Elliott Management and Farallon Capital Management, both have their executives on Toshiba's board which has unanimously approved the JIP takeover. Singapore-based fund 3D Investment Partners, previously Toshiba's second-largest shareholder, revealed in a filing in March that it had cut its stake to 4.90% from 7.20%. Sources have said top activist shareholders were eager to exit, even though the offer price was unsatisfactory.

Persons: Androniki, JIP, Effissimo, Elliott, Makiko Yamazaki, Kantaro Komiya, Neil Fullick Organizations: Toshiba Corporation, REUTERS, Rights, Effissimo Capital Management, Japan Industrial Partners, Toshiba, Elliott Management, Farallon Capital Management, Major Toshiba, Partners, Investment Partners, Westinghouse, Thomson Locations: Kawasaki, Japan, Singapore

☆ Toshiba tender offer pushed back to August due to regulatory delay
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 28 (Reuters) - Toshiba Corp (6502.T) said on Friday a group led by Japan Industrial Partners (JIP) is expected to launch a tender offer for the industrial conglomerate "sometime in August 2023", a delay from late July. Toshiba said in a statement that procedures under foreign competition laws and regulations in some jurisdictions are not expected to be completed until after Aug. 1. The Toshiba board has approved the buyout offer, which values the electronics-to-power stations maker at 2 trillion yen ($14.35 billion) and would put it in domestic hands after years of battles with overseas activist shareholders. Some 20 Japanese companies, including financial services firm Orix (8591.T) and chipmaker Rohm Co (6963.T), plan to take part in the deal led by private equity firm JIP. read moreThe buyout group will promptly make an announcement when the conditions for the tender offer are fulfilled, or when there is any further change in the expected schedule, Toshiba said.

Persons: chipmaker Rohm, Makiko Yamazaki, Tom Hogue, Edmund Klamann Organizations: Toshiba Corp, Japan Industrial Partners, Toshiba, Thomson Locations: TOKYO

☆ Toshiba gives shareholder management masterclass
▼ + stars: | 2023-06-09 | by ( Una Galani | ) www.reuters.com time to read: +3 min

Its limited visibility on the value of the memory-chip specialist was one reason it cited for its earlier restraint. Follow @ugalani on TwitterCONTEXT NEWSToshiba said on June 8 that its board has decided to recommend shareholders accept a tender offer from a group led by Japan Industrial Partners. The tender offer is expected to be launched some time from late July. Among other factors, it cited limited visibility into the value of chipmaker Kioxia, of which Toshiba owns around 40%. In recommending the offer, Toshiba noted the book value of Kioxia’s shares had fallen since its March announcement.

Persons: Paul Singer’s Elliott, Daniel Loeb’s, Jerry Black, Antony Currie, Katrina Hamlin Organizations: Reuters, Toshiba, Japan Industrial Partners, Paul Singer’s Elliott Management, Farallon Capital, Thomson Locations: MUMBAI, Kioxia, Japan

☆ 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

Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics (005930.KS). Western Digital did not respond immediately to a request for comment. Kioxia, previously Toshiba Memory, was sold by Toshiba Corp (6502.T) in 2018 to a consortium led by Bain Capital for $18 billion. Kioxia and Western Digital were in merger talks in 2021 before the negotiations stalled over a series of issues including valuation discrepancies.

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.

☆ Toshiba board accepts Japan Industrial Partners' $15 bln buyout proposal
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. [1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File Photo 1 2The fallout from that debacle eventually led to the strategic review and the buyout proposal. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ 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.

☆ Toshiba board agrees to accept JIP's $15.3 bln buyout proposal -Nikkei
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File PhotoTOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board on Thursday agreed to accept a buyout proposal worth around 2 trillion yen ($15.3 billion) from a consortium led by private equity firm Japan Industrial Partners (JIP), the Nikkei business daily reported. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks. It has taken weeks for the board to proceed with a vote on JIP's proposal as some board members were dissatisfied with its offer price, sources have said. "If the early reports are correct, this ends months of uncertainty regarding whether a deal was coming and years of uncertainty regarding Board understanding of the right price," said analyst Travis Lundy of Quiddity Advisors, who publishes on Smartkarma.

☆ Toshiba board accepts Japan Industrial Partners' $15 billion buyout proposal
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: +3 min

Toshiba Corp's board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. A successful deal would see the scandal-ridden industrial conglomerate taken private and firmly in domestic hands after much tension with overseas activist shareholders. Some 20 Japanese companies including financial services firm Orix Corp, chipmaker Rohm Co <6963.T> and Chubu Electric Power plan to take part in the deal, sources have said. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ 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.

"The company has received a proposal from the JIP consortium," Toshiba said in a statement. Two of the sources said major Japanese banks, including Sumitomo Mitsui Financial Group (8316.T), had issued letters of commitment to provide 1.4 trillion yen ($10.6 billion) in loans to the group. The final buyout proposal would also include an equity portion of about 1 trillion yen, they said. The Nikkei business daily reported the total value of the buyout proposal was around 2 trillion yen. JIP was then asked by Toshiba to provide commitment letters from banks by Nov. 7, something it was unable to do.

Major Japanese banks, including Sumitomo Mitsui Financial Group (8316.T), had issued letters of commitment to provide the loans to the JIP-led group, said two of the sources, who declined to be identified because the information has not been made public. The 1.4 trillion yen of loans included a commitment line of 200 billion yen for working capital, the sources said. The final buyout proposal would also include an equity portion of about 1 trillion yen, they said. The Nikkei business daily reported a final buyout proposal worth around 2 trillion yen. The banks asked Toshiba to promise the sale of underperforming businesses if earnings deteriorated after a buyout was concluded, sources, including those who spoke on Thursday, have previously said.

Major Japanese banks, including Sumitomo Mitsui Financial Group (8316.T), have issued letters of commitment to provide the loans to the JIP-led group, said the sources, who declined to be identified because the information has not been made public. The Nikkei business daily reported a final buyout proposal worth around 2 trillion yen had been submitted. Sources said the 1.4 trillion yen of loans included a commitment line of 200 billion yen for working capital. Toshiba named the JIP-led group as its preferred bidder in October. The private equity firm was then asked by Toshiba to provide commitment letters from banks by Nov. 7, something it was unable to secure by that date.

The 1.4 trillion yen includes 200 billion yen in working capital, they said. The main banking arms of Mizuho Financial Group (8411.T), Sumitomo Mitsui Financial Group (8316.T) and Sumitomo Mitsui Trust Holdings Inc (8309.T) are together expected to lend more than 1 trillion yen, three sources said. The core bank unit of Japan's biggest financial group, Mitsubishi UFJ Financial Group (8306.T) and Aozora Bank Ltd (8304.T) are also participating, they added. Spokespeople for all five banks declined to comment. Toshiba named a JIP-led group as its preferred bidder in October for the buyout process.

☆ Toshiba's preferred bidder to seal $10.6 bln loan deal this week -Yomiuri
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 22 (Reuters) - Japan Industrial Partners (JIP), the preferred bidder to buy out Toshiba Corp (6502.T), is set to sign a loan agreement of about 1.4 trillion yen ($10.6 billion) with lenders this week, the Yomiuri newspaper reported on Thursday. The loans include a commitment line of 200 billion yen, the paper said. Sumitomo Mitsui Banking Corp (8316.T) and Mizuho Bank (8411.T) would provide about 400 billion yen to 500 billion yen each, it said. The deal is expected to value the industrial conglomerate at around 2.2 trillion yen, although the Nikkei business daily reported at the weekend that JIP could lower it to below 2 trillion yen. Sumitomo Mitsui Banking and Mizuho Bank both declined to comment on the Yomiuri report.

☆ Toshiba's preferred bidder may lower valuation below 2 trillion yen, Nikkei reports
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 17 (Reuters) - Japan Industrial Partners (JIP), the preferred bidder to buy out Toshiba Corp (6502.T), may lower the valuation from the planned 2.2 trillion yen ($16.09 billion) to levels below 2 trillion yen, the Nikkei business daily reported on Saturday. Even though JIP has secured funding worth 1 trillion yen in equity from domestic companies and 1.2 trillion yen in loans from major banks, it may cut the valuation in light of a recent deterioration in Toshiba's earnings and the need for post-buyout working capital, the Nikkei said. Toshiba said in a letter to shareholders on Friday that it was aiming to reach a conclusion with potential partners as soon as possible. read moreIt 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. ($1 = 136.6900 yen)Reporting by Tokyo Newsroom; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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