The JIP-led consortium saw 78.65% of Toshiba shares tendered, giving the group a majority of more than two-thirds which would be enough to squeeze out remaining shareholders
Toshiba said on Thursday that a $14-billion tender offer from private equity firm Japan Industrial Partners had ended in success – a deal which paves the way for the embattled industrial conglomerate to go private.
“Activist shareholders and Toshiba were stuck with each other for years. This takeover allows both sides to escape their mutual bear hug,” said analyst Travis Lundy of Quiddity Advisors, who publishes on Smartkarma. Toshiba has said its complex relationships with various stakeholders, including shareholders with different opinions, have hampered business operations and that a stable shareholder base would help the company pursue its long-term strategy centred on high-margin digital services.“I expect the prospect of management and new ownership alignment will improve morale. However, to succeed, management needs to be able to tell a better story to investors coming out of this,” Lundy said.
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