After a decade of troubles that have derailed management’s focus on reconstructing the business, Toshiba is set to go private.
A consortium led by Japan Industrial Partners (JIP) has succeeded in taking control of the struggling conglomerate through a ¥2 trillion ($13.5 billion) tender offer.
Toshiba stated that the JIP-led group has gained 78.65% of Toshiba’s outstanding shares through the bid which began on August 8, paying ¥4,620 per share.
The group needed to acquire more than two-thirds of the shares for the offer to be successful. This move marks a milestone in the 148-year history of Toshiba.
