2023-09-21 07:28:06
Toshiba has received a takeover offer that would end its listing on the Tokyo Stock Exchange. The operation is supported by many shareholders and should be successful.
The industrial and technological group Toshiba will be delisted following 74 years of existence, a sufficient number of shareholders supporting the takeover offer of the company by a Japanese consortium, he announced this Thursday. This paves the way for its listing to end on the Tokyo Stock Exchange.
The Japanese company, in difficulty, had previously announced that it had received a buyout offer of around 14 billion dollars (nearly 13 billion euros) which would put an end to its listing.
79% of shares repurchased
In the meantime, the consortium, led by investor Japan Industrial Partners, has already purchased nearly 79% of Toshiba shares. This paves the way for the buyout of other shareholders. It is not yet clear when the shares will last be able to trade.
The operation might end a very troubled period in the history of the Japanese company, more than 140 years old. Toshiba has, in fact, been plagued by scandals for yearswhich forced the company to sell its memory card division and issue shares purchased mainly by foreign investors.
Foreign investors were also reportedly interested in acquiring Toshiba, but the Japanese government wanted the group’s key technologies and components not to fall into foreign hands.
Preserve
Last year, however, it emerged that board members were collaborating with the Japanese government to exclude activist foreign shareholders. Since then, shareholders and directors have been at odds over the future of the company.
Foreign investors were also reportedly interested in acquiring Toshiba, but the Japanese government wanted the group’s key technologies and components not to fall into the hands of foreigners. It must be said that the company’s activities in the field of nuclear energy are considered very important for the national security of Japan.
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