The Independent Uganda: You get the Truth we Pay the Price
Tokyo, Japan | (Xinhua | Japan Industrial Partners Inc., a Tokyo-based investment fund, announced Monday it will launch a 2 trillion yen (about 14 billion U.S. dollars) tender offer for Toshiba Corp. on Tuesday, a move that would end the company’s 74-year history as a public company.
The tender offer will run for 30 days through Sept. 20, during which the consortium aims to acquire at least two-thirds of Toshiba’s 432 million shares.
The move comes as the scandal-tarnished Japanese electronics and energy giant has been struggling to recover from a spate of problems over the past decade, including an accounting scandal and massive losses in its U.S. nuclear business.
Toshiba Chairperson Akihiro Watanabe asked shareholders to back the proposal, saying it is the only option for Toshiba to return to its former strength.
“For those shareholders who have yet to make up their minds, I would ask them to read the material that has been disclosed and make a firm decision,” Watanabe told a news conference.
The buyout plan, if successful, will allow Toshiba to cut ties with overseas activist shareholders seeking short-term shareholder returns and rebuild its business under a more stable shareholder base, the company has said. ■
