Toshiba tender offer pushed back to Aug due to regulatory delay
Reuters
Published Jul 28, 2023 02:55AM ET
Updated Jul 28, 2023 03:16PM ET
TOKYO (Reuters) - Toshiba (OTC:TOSYY) Corp said on Friday a group led by Japan Industrial Partners (JIP) is expected to launch a tender offer for the industrial conglomerate "sometime in August 2023", a delay from late July.
Toshiba said in a statement that procedures under foreign competition laws and regulations in some jurisdictions are not expected to be completed until after Aug. 1.
The Toshiba board has approved the buyout offer, which values the electronics-to-power stations maker at 2 trillion yen ($14.35 billion) and would put it in domestic hands after years of battles with overseas activist shareholders.
Some 20 Japanese companies, including financial services firm Orix (NYSE:IX) and chipmaker Rohm Co, plan to take part in the deal led by private equity firm JIP.
The buyout group will promptly make an announcement when the conditions for the tender offer are fulfilled, or when there is any further change in the expected schedule, Toshiba said.
($1 = 139.4000 yen)
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Written By: Reuters
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