24/7 Space News
Toshiba prepares for $14 bn deal to go private
Toshiba prepares for $14 bn deal to go private
by AFP Staff Writers
Tokyo (AFP) Aug 7, 2023

Toshiba said a previously announced scheme to take the troubled Japanese conglomerate private in a deal worth around $14 billion will launch on Tuesday.

The move comes after years of turmoil for the company, which once symbolised Japan's economic might but more recently has been mired in scandals, financial turmoil and resignations.

The Japan Industrial Partners-led consortium taking control in the nearly two trillion yen deal includes 17 Japanese firms and six Japanese banks.

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

The price is set at 4,620 yen per share and the period 30 business days, according to the website on the tender offer, slightly higher than Monday's closing price of 4,584 yen.

Toshiba on Monday reported a net loss of 25.3 billion yen for the first quarter because of a drop in demand at chip firm Kioxia, in which it retains a 40 percent stake.

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.

Related Links
The latest information about the Commercial Satellite Industry

Subscribe Free To Our Daily Newsletters

The following news reports may link to other Space Media Network websites.
From AI to Nuclear: UK launches Strategic Plan for Future Space Exploration
London, UK (SPX) Jul 25, 2023
Following a close consultation with the space sector, the UK Space Agency recently unveiled the Space Exploration Technology Roadmap, a strategic guide that will shape the direction of research, development, and funding allocation for the next ten years. The plan anticipates working closely with key international partners, including NASA, the European Space Agency, and JAXA (Japan's space agency). The roadmap is designed to address existing gaps and build upon current areas of strength. This will ... read more

NASA announces crew for 2024 ISS rotation mission

Airbus partners with Voyager Space to build ISS replacement

NASA hears 'heartbeat' from Voyager 2 after inadvertant blackout

Science enabling heat and air conditioning for long-term space habitats is almost fully available

Musk says his cage fight with Zuckerberg will stream on X

NASA and Boeing to deliver Starliner update

A new frontier for space in Australia with approval granted for a permanent commercial space launch facility in Koonibba

HYDIS2 consortium project for hypersonic defence interceptor proposed for funding by the European Commission

Unraveling river pathways on Earth and Mars

Daily records of atmospheric temperature with Perseverance

Can we see Mars' Breath in the Winter Cold: Sols 3907-3908

Curiosity faces its toughest climb yet on Mars

Shenzhou 15 crew share memorable moments from Tiangong Station mission

China's Space Station Opens Doors to Global Scientific Community

China's Lunar Mission targets manned landing by 2030

Shenzhou XVI crew set to conduct their first EVA

Toshiba prepares for $14 bn deal to go private

Galaxy 37 Horizons-4 performing well after launch

JUPITER 3 set to revolutionize satellite connectivity across the Americas

Iridium Board of Directors approves additional share repurchase program

New method simplifies the construction process for complex materials

Sensing and controlling microscopic spin density in materials

DLR harnesses 3D Printing for efficient production of spaceflight components

Scientists discover unusual ultrafast motion in layered magnetic materials

New exoplanet discovery builds better understanding of planet formation

Violent Atmosphere Gives Rare Look at Early Planetary Life

Using cosmic weather to study which worlds could support life

Water discovered in rocky planet-forming zone offers clues on habitability

James Webb Space Telescope sees Jupiter moons in a new light

NASA's Juno Is Getting Ever Closer to Jupiter's Moon Io

SwRI team identifies giant swirling waves at the edge of Jupiter's magnetosphere

First ultraviolet data collected by ESA's JUICE mission

Subscribe Free To Our Daily Newsletters


The content herein, unless otherwise known to be public domain, are Copyright 1995-2023 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.