Space News from
Toshiba says $14 bn offer to go private set to succeed

Tokyo, Sept 20 (AFP) Sep 20, 2023
Toshiba said on Wednesday that a $14 billion tender offer to take the troubled Japanese conglomerate private is set to succeed.

The announcement comes after a takeover scheme to delist Toshiba launched last month by a Japan Industrial Partners-led consortium closed on Wednesday.

"We have received a report from the offeror that the tender offer is forecasted to be successful," Toshiba said in a statement.

The final results will be announced once the company receives it, it said.

In March, Toshiba said the tender offer would be called off if the consortium failed to buy at least 66.7 percent of the outstanding shares.

The consortium taking control in the nearly two trillion yen deal includes 17 Japanese firms and six Japanese banks.

Toshiba, which once symbolised Japan's economic might, has recently been mired in scandals, financial turmoil and resignations.

Two years ago, a bombshell buyout offer from private equity fund CVC Capital Partners put a question mark over the conglomerate's future.

After the CVC offer was dropped, plans were floated to split the company up and spin off its device segment -- meeting stiff opposition from some investors.

Toshiba grew into a vast conglomerate, but has been in upheaval since it was rocked by a profit-padding scandal in 2015.

The company also suffered from huge losses at its US nuclear subsidiary, followed by a recovery that brought pressure from new activist shareholders.


Space News from
Sierra Space's Shooting Star Module Begins Rigorous Testing at NASA Facility
Interstellar Mapping and Acceleration probe passes key milestone
OTV-7 Mission: X-37B to Embark on Pioneering SpaceX Falcon Heavy Flight

24/7 Energy News Coverage
Japanese experimental nuclear fusion reactor inaugurated
Nuclear power has role to play, atomic energy head tells AFP at COP28
The chip that makes calculations with light

Military Space News, Nuclear Weapons, Missile Defense
N. Korea spy satellite operator to report findings to military: KCNA
South Korea confirms first spy satellite in orbit
Israeli strikes kill Iran Guards, Tehran-backed fighters in Syria: monitor

24/7 News Coverage
Sea fireflies synchronize their sparkle to seek soulmates
Study suggests micrometeorites as key nitrogen source for primordial Earth
US announces tough new methane rules on oil and gas industry

All rights reserved. Copyright Agence France-Presse. Sections of the information displayed on this page (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence, you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the content of this section without the prior written consent of Agence France-Presse.