Leaving soon, ending 74 years of listing history! Japan, this giant
On the 21st, Toshiba announced that an alliance consisting of multiple domestic Japanese companies has completed a tender offer to acquire Toshiba. According to Japanese media reports, Toshiba will be delisted as soon as this year.
Toshiba announced on its official website on the 21st that the "Japan Industry Partners" investment fund, composed of multiple domestic Japanese companies, has been publicly offering to acquire Toshiba in the market since last month. As of the 20th of this month, the fund has held 78.65% of Toshiba's shares, exceeding two-thirds of all voting rights, completing the acquisition. According to Yomiuri Shimbun, the acquisition price is 4620 yen per share, with a total amount of about 2 trillion yen, equivalent to approximately 97.4 billion yuan. It is expected that Toshiba will end its 74 year listing history within this year, but the specific schedule for delisting has not yet been determined.
Head of Public Relations Department of Toshiba Corporation in Japan: We expect to hold an extraordinary shareholder meeting in late November to handle relevant procedures. Afterwards, stocks will be designated as "consolidation stocks" by the stock exchange. After about a month, the delisting will be completed.
After the accounting scandal was exposed in 2015, Toshiba's business deteriorated and fell into a state of insolvency, gradually selling businesses such as healthcare, white goods, and laptops. To improve its financial situation, Toshiba received investments from multiple foreign funds in 2017. Among them, some funds seek to maximize their own interests by intervening in company management decisions, leading to increasingly sharp conflicts between foreign shareholders and Toshiba's management. Since the first acquisition proposal appeared in the spring of 2021, Toshiba's spin off plan has been full of twists and turns, and the company's operations have been in chaos.
