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☆ Elliott builds $2 billion position in SoftBank, pushes for buyback
▼ + stars: | 2024-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Investment firm Elliott Management has rebuilt its position in Japanese conglomerate SoftBank and is pushing the Masayoshi Son-led firm to begin a $15 billion share buyback, according to a person familiar with the matter. The news, first reported by the Financial Times, sent SoftBank shares up as much as 6.3%. SoftBank shares have surged in recent months largely off the back of its Arm investment. SoftBank's Japanese shares trade at their highest level in decades. SoftBank launched a $20 billion share buyback and asset disposal program in 2020 during Elliott's initial campaign.

Persons: Son, Elliott, SoftBank, Elliot, Nabeel Bhanji, unfriendliness, WeWork Organizations: SoftBank Group Corp, University of Tokyo, Investment, Elliott Management, Financial Times, Tokyo Stock Exchange, Mitsubishi Fudosan, Toshiba, Dai Nippon Printing, Vision Locations: Tokyo, Japan, SoftBank, China

Some of Best Buy's best deals this weekend include the highly sought-after PS5 Slim for only $400 — a rare discount on the premium gaming console. Below we've highlighted 10 of the best deals you can shop on Best Buy this weekend. You can find some present inspiration in our guides to the best Father's Day gifts, the best graduation gifts for him, and the best graduation gifts for her. 10 best Best Buy deals available nowSony PS5 Slim (Digital Edition) $399.99 $449.99 Save 11% The PS5 Slim Digital Edition is for downloadable games only and costs $50 less than the standard PS5 with a disc drive. Shop at Best BuyCheck out more of Best Buy's weekend sale here.

Persons: Slim Organizations: Business, Apple, Sony, Alexa, Toshiba, Fire

☆ White House to support new nuclear power plants in the U.S.
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: +3 min

The White House on Wednesday plans to announce new measures to support the development of new U.S. nuclear power plants, a large potential source of carbon-free electricity the government says is needed to combat climate change. And a new tool will help developers figure out how to cut capital costs for new nuclear reactors. No new U.S. nuclear plants are currently being built. Vogtle is now the largest U.S. source of clean energy, the White House said. Nuclear energy accounts for about 19% of U.S. power generation, compared with 4% for solar and 10% for wind.

Persons: weren't, Joe Biden's, Ali Zaidi, Critics, Biden Organizations: Westinghouse, Toshiba, White House, Department of Energy, Army, The Department of Energy, U.S Locations: Waynesboro , Georgia, U.S, Biden's, Russia, United States, Georgia

☆ Squarespace to go private in $7 billion private-equity deal
▼ + stars: | 2024-05-13 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The New York Stock Exchange welcomes Squarespace, Inc. (NYSE: SQSP), on May 19, 2021, in celebration of its Direct Listing. Squarespace , the website-building platform, announced on Monday it would go private in a $6.9 billion all-cash deal with private-equity firm Permira, after nearly three turbulent years on the public market. All three have approved the transaction and will continue to be investors after the Permira deal closes. Qualtrics, for example, was spun off from SAP in 2021 and was quickly taken private again in 2023 by Canada's pension plan and Silver Lake in a $12.5 billion deal. Japanese giant Toshiba also went private in 2023 in a $13.6 billion deal, after years of speculation and tumult, including a sustained engagement with activist investor Elliott.

Persons: Squarespace, Permira, Anthony Casalena, Ares Capital, Anthony, David Erlong, Squarespace's, Elliott, Morgan, Skadden, Richards, Layton, Finger, Goldman Sachs, Watkins Organizations: New York Stock Exchange, Inc, Accel, General Atlantic, Ares, Blackstone, SAP, Toshiba, Investors, Latham Locations: J.P

☆ 15 million Toshiba laptop adapters recalled over burn and fire risks
▼ + stars: | 2024-02-21 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +1 min

New York, New York CNN —Dynabook Americas, the company formerly known as Toshiba, has recalled 15.5 million Toshiba laptop AC adapters over potential burn and fire hazards. The company said it received 679 reports of the recalled AC adapters overheating or catching on fire, melting and burning, including 43 reports of minor burn injuries. The recall applies to AC adapters sold both alongside Toshiba personal laptop computers and sold separately, with date codes ranging between April 2008 through December 2012. Toshiba was once a leading player in the laptop market but now makes up about 1%, according to market research firm Gartner. AC adapters made headlines years ago for risks around heating up quickly and catching on fire.

Persons: ”, Mikako Kitagawa, ” Kitawgawa Organizations: York , New York CNN, Dynabook, Toshiba, Gartner, Lenovo, HP, Dell, Apple Locations: York , New York, Dynabook Americas, China, Canada

☆ Half of Japan firms look at restructuring to boost performance
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +1 min

TOKYO, JAPAN - JULY 22: Office workers are seen reflected in a window as they walk to a train station in front of the Toshiba Corporations, Tokyo headquarters (left) on July 22, 2015 in Tokyo, Japan. (Photo by Chris McGrath/Getty Images)Around half of Japanese firms are looking at reviewing or restructuring their businesses to boost corporate value, including acquisitions, a Reuters survey showed, amid a push for companies to improve governance. The survey results are the latest sign of concrete actions companies in the world's third-largest economy are looking to take to overhaul their businesses and boost corporate value. The Tokyo market has hit its highest in three decades on expectations companies will boost shareholder returns through unwinding of crossholdings, share buybacks and other measures. While the TSE lists companies that have compiled or considering action plans, the Reuters survey shows measures being considered.

Persons: Hisao Tanaka, Chris McGrath Organizations: Toshiba Corporations, Toshiba Corporation, Tokyo Stock Exchange, Reuters Locations: TOKYO, JAPAN, Tokyo, Japan

☆ Bain Capital raises $7.1 bln in largest pan-Asia PE fund this year
▼ + stars: | 2023-11-21 | by ( Kane Wu | ) www.reuters.com time to read: +4 min

The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. Bain Capital said the firm itself committed $750 million to Bain Capital Asia Fund V, alongside existing and new investors. At $7.1 billion, the fund is Bain Capital's biggest to date for Asia and also the region's largest private equity fund raised this year, according to Preqin data. Bain Capital, which started fundraising in the second half of 2022, had an initial target of $5 billion. Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $180 billion in total assets globally.

Persons: Kim Kyung, you've, David Gross, Gross, Toshiba Corp's, Bain, Kane Wu, Jacqueline Wong Organizations: Bain Capital, REUTERS, Bain Capital Asia Fund V, Bain Capital's, Bain, ., Toshiba, Chindata, Estia, Intelligence, Thomson Locations: Tokyo, Japan, HONG KONG, Asia, U.S, Bain Capital's Asia, . Asia, China, India

☆ Japan's Kioxia reports Q2 loss, says prices have bottomed out
▼ + stars: | 2023-11-14 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

The result at Bain Capital-backed Kioxia, formerly Toshiba Memory, compares with a loss of 130.8 billion yen three months earlier. Merger talks between Kioxia and Western Digital (WDC.O) have stalled, Reuters reported previously, after Kioxia investor SK Hynix (000660.KS) said it did not back the deal. Selling prices have bottomed out, Kioxia said, pointing to expected higher shipments of smartphones and PCs next year. Revenue fell quarter-on-quarter with Kioxia saying the smaller loss was because of higher average selling prices with a boost from the weaker yen. Separately, Toshiba (6502.T), which holds a stake in Kioxia after selling its chip unit to the Bain-led consortium in 2018, posted a 26.7 billion yen net loss in the second quarter.

Persons: Kioxia, Bain, Sam Nussey, Tom Hogue Organizations: Taipei, REUTERS, Rights, Bain Capital, Toshiba, Western, Reuters, SK Hynix, Samsung Electronics, Revenue, Japan Industrial Partners, Thomson Locations: Taipei, Taiwan, Kioxia, KS

☆ Chinese chipmaker YMTC sues Micron alleging patent infringement
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 12 (Reuters) - Chinese chipmaker Yangtze Memory Technologies Co (YMTC) has filed a lawsuit against U.S. rival Micron Technology (MU.O) alleging infringement of eight of its patents. YMTC filed the lawsuit against Micron and unit Micron Consumer Products Group on Nov. 9 at the U.S. District Court for the Northern District of California. According to the lawsuit, Micron turned to YMTC's patented technology to fend off competition from YMTC and to gain and protect market share. In May, China said Micron products failed a network security review and barred purchase of them by operators of key infrastructure. ($1 = 7.2934 Chinese yuan renminbi)Reporting by Anirudh Saligrama and Brenda Goh; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, YMTC, YMTC's, Anirudh Saligrama, Brenda Goh, Christopher Cushing Organizations: Micron, REUTERS, Memory Technologies, U.S, Micron Technology, Micron Consumer Products Group, Northern, Northern District of, South, Samsung Electronics, SK Hynix, Toshiba, Thomson Locations: Shanghai, China, Northern District, Northern District of California, U.S, Fujian, Xian

☆ Japan Inc is only winner in nixed chip deal
▼ + stars: | 2023-10-27 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

But this failed tie-up does have a winner of sorts: Japan Inc.That’s precious little consolation for the others involved. Reuters Graphics Reuters GraphicsThe nixed deal also complicates Bain Capital’s exit strategy from Kioxia. Yet Western Digital was set to be the majority partner in the proposed deal. The Nikkei business daily also said that Kioxia and Western Digital were unable to agree on conditions with top Kioxia shareholder Bain Capital. The news sent Western Digital shares down 9%.

Persons: Elliot, Bain, Nobuo Hayasaka, –, Antony Currie, Thomas Shum Organizations: Reuters, Japan Inc, Western Digital, Elliot Investment Management, Reuters Graphics Reuters, Toshiba, SK Hynix, Western Digital’s, Development Bank of Japan, Sumitomo Mitsui Financial, –, Western, South Korea's SK Hynix, U.S, Nikkei, Bain Capital, Thomson Locations: HYDERABAD, India, Japan, Tokyo

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsTOKYO, Oct 19 (Reuters) - Japan's top banks are set to commit to 1.9 trillion yen ($12.7 billion) financing to support the merger of Kioxia Holdings and Western Digital's flash memory business, four people familiar with the matter told Reuters. Several tech deals have been scuppered in recent years due to delays in regulatory approvals or rejections by China. 2 player in NAND flash memory chips - and Western Digital's fourth-ranked flash business, would control a third of the global NAND flash market, on par with top player Samsung Electronics (005930.KS). Kioxia and Western Digital have held merger talks since 2021 but the negotiations have often stalled over a series of issues including valuation discrepancies. In Japan, the two companies jointly produce NAND flash memory chips, which are widely used in smartphones, personal computers and other devices to store digital data.

Persons: Kim Kyung, Bain, Nobuo Hayasaka, Makiko Yamazaki, Miho Uranaka, Maki Shiraki, Miyoung Kim, Tomasz Janowwski Organizations: REUTERS, Rights, Kioxia Holdings, Reuters, Intel Corp, China ., Sumitomo Mitsui Financial Group, Mizuho Financial Group, Mitsubishi UFJ Financial, Development Bank of Japan, SK Hynix, Toshiba Corp, Samsung Electronics, Nasdaq, Western, Mitsubishi, Mizuho, Sumitomo Mitsui, Western Digital, Thomson Locations: Tokyo, Japan, China, Kioxia

☆ Toshiba to go private on Dec 20 after successful $13 bln takeover bid
▼ + stars: | 2023-10-12 | 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 RightsCompanies Toshiba Corp FollowTOKYO, Oct 12 (Reuters) - Toshiba Corp (6502.T) said on Thursday it will hold an extraordinary shareholder's meeting on Nov. 22 to approve the consolidation of its shares, which will be delisted from the Tokyo Stock Exchange on Dec. 20. The Japanese conglomerate Toshiba last month announced the success of a 2 trillion yen ($13.4 billion) tender offer from private equity firm Japan Industrial Partners. ($1 = 149.2100 yen)Reporting by Kantaro Komiya; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Androniki, Kantaro Komiya, Edmund Klamann Organizations: Toshiba Corporation, REUTERS, Toshiba Corp, Tokyo Stock Exchange, Toshiba, Japan Industrial Partners, Thomson Locations: Kawasaki, Japan

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The top two deals this year, Toshiba Corp (6502.T) and JSR Corp (4185.T), had activists on their rosters. The strong M&A market comes as two long-standing obstacles to Japanese dealmaking - reluctance towards unsolicited takeovers and difficulties in cutting overlapping jobs in post merger integrations - may be fading. "Previously, excess employment issues held back M&A, because cutting overlapping headcount is the primary way M&A cuts costs and raises returns," Smith said. "As the labour shortage bites, expect M&A to surge as companies start being targeted as labour reservoirs."

Persons: Androniki, LSEG, David Gross, Loh, Jim Verbeeten, Shinsuke Tsunoda, " Bain Capital's Gross, Nicholas Smith, Smith, Makiko Yamazaki, Kane Wu, Sumeet Chatterjee, Stephen Coates Organizations: Toshiba Corporation, REUTERS, Toshiba, Bain Capital Asia, Bankers, Tokyo bourse, Toshiba Corp, JSR, Bain & Company, Nomura Securities, Marelli Holdings, KKR, Nidec Corp, Thomson Locations: Kawasaki, Japan, TOKYO, HONG KONG, Tokyo

☆ Siemens is case study in China de-risking dilemma
▼ + stars: | 2023-10-04 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +9 min

That’s unsettling for the likes of Siemens, $62 billion carmaker Volkswagen (VOWG_p.DE) and $39 billion chemicals group BASF (BASFn.DE). Factor in the German group’s 32% stake in Siemens Energy (ENR1n.DE) and 75% holding in Siemens Healthineers (SHLG.DE), currently worth 46 billion euros, and it adds up to 156 billion euros. The unit and Siemens’ Airport Logistics unit, which press reports say could be another divestment candidate, may only be worth 4 billion euros combined. Moreover, Kaeser already tried to boost Siemens’ valuation by partially spinning off subsidiaries. As of September, Siemens had bought back 2.5 billion euros of shares since starting a 3 billion euro share repurchase programme in November 2021.

Persons: Roland Busch, France’s Legrand, Busch, Joe Kaeser, he’s, Kaeser, Germany’s Bundesbank, Siemens, Goldman Sachs, Judith Wiese, George Hay, Oliver Taslic Organizations: Reuters, Siemens, Germany’s, Barclays, Reuters Graphics Reuters, Volkswagen, BASF, Software, Dassault, Automation, ABB, Smart Infrastructure, Siemens Energy, Siemens ’ Mobility, France’s Alstom, CRRC Corporation, Siemens ’ Airport Logistics, Siemens Healthineers, Toshiba Corp, Energy, BNP, Bloomberg, Financial Times, Thomson Locations: China, Brussels, Beijing, Germany, EMEA, Swiss, Middle Kingdom, Republic, Shenzhen, Sichuan, Chengdu, Southeast Asia, Indonesia, Vietnam, Thailand

☆ Toshiba Shareholders Approve $13.5 Billion Deal to Take Company Private
▼ + stars: | 2023-09-21 | by ( Kosaku Narioka | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/deals/toshiba-shareholders-approve-13-5-billion-deal-to-take-company-private-7ff88d61

Persons: Dow Jones Organizations: toshiba

☆ 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

"Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. All three sources declined to be identified as the talks are still ongoing and a final decision has not been made. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

Persons: Danish Siddiqui, JSW, LGES, China's CATL, Sajjan Jindal, CATL, Narendra Modi's, JSW's, Ola, Aditi Shah, Neha Arora, Heekyong Yang, Daniel Leussink, Miho Uranaka, Zhang Yan, Alexander Smith Organizations: REUTERS, Danish, Korea's LG Energy, Panasonic, Toshiba, JSW's, Tesla, General Motors, China's, HK, Reuters, JSW, Tata Motors, TVS, Thomson Locations: Mumbai, India, DELHI, Korea, Korean, India's, New Delhi, Seoul, Tokyo, Shanghai

Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought. U.S. stocks slumped Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The Fed held its main interest rate steady at its highest level in more than two decades, as was expected. Wednesday on Wall Street, the S&P 500 fell 0.9% to 4,402.20. Shares of Klaviyo, which helps advertisers market over email and text messaging, rose 9.2% in their first day of trading.

Persons: Jerome Powell, it’s, ” Anderson Alves, ActivTrades, Hang Seng, Australia's, Grant Robertson, Fonterra, Powell, ” Powell, Instacart, Brent, Nick Perry Organizations: Federal Reserve, Fed, Nikkei, Toshiba Corp, Statistics New, Finance, Zealand, Dow Jones, Nasdaq, Treasury, Big Tech, Microsoft, Apple, Nvidia, Arm Holdings, New York Mercantile Exchange, U.S Locations: U.S, Shanghai, Seoul, Statistics New Zealand, China, Wellington , New Zealand

☆ 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

JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage, one of the people with direct knowledge of the discussions said. "Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

☆ 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

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