Toshiba Corporation announced that it is expected to conclude a tender offer for TOB=shares, which aims to delist shares for the purpose of stabilizing management. It is expected to go private by the end of this year, and one of the leading companies in the Japan manufacturing industry will reach a major management milestone.
Toshiba aimed to delist its shares with the aim of effectively eliminating overseas investment funds called activists, and the investment fund Japan Industrial Partners had been making tender offers for TOB=shares since August.
The TOB was closed in the afternoon of March 8, and Toshiba announced that it had received a report from an investment fund that the purchase was expected to be completed.
Since the number of shares applied for the purchase exceeded the 20.66% required for the formation of the TOB, the final aggregate results will be announced on the 7st.
Going forward, an extraordinary general meeting of shareholders will be held around November, all remaining shares will be purchased, and it is expected that the company will be delisted by the end of this year, and one of the leading companies in the Japan manufacturing industry will reach a major management milestone.
With regard to Toshiba, since the revelation of the fraudulent accounting scandal in 21, the president has resigned one after another, and the acceptance of activist investments with the aim of rebuilding its financial base has led to management confusion.
As for management, going private will increase the degree of management freedom, but management issues remain as to how to proceed with growth investment while bearing the financial burden of approximately 11 trillion yen associated with the TOB.