Toshiba could sell company for $16 billion
Toshiba could sell company for $16 billion
Robert Besser
18 Dec 2022, 17:42 GMT+10
- In a letter to shareholders this week, Japan’s Toshiba, which is in talks about a company buyout, said that it aims to conclude agreements with potential partners as soon as possible
- Akihiro Watanabe, chairperson of the board, and Jerry Black, chairperson of Toshiba’s special committee, stressed that there was no assurance that an agreement would be reached
- The letter also said that Toshiba is “planning to receive binding and bona-fide proposal(s) and shall be making strong efforts to arrive at a conclusion as early as possible after necessary negotiations”
TOKYO, Japan: In a letter to shareholders this week, Japan’s Toshiba, which is in talks about a company buyout, said that it aims to conclude agreements with potential partners as soon as possible.
In the letter, Akihiro Watanabe, chairperson of the board, and Jerry Black, chairperson of Toshiba’s special committee looking at strategic alternatives, stressed that there was no assurance that an agreement would be reached.
The letter also said that Toshiba is “planning to receive binding and bona-fide proposal(s) and shall be making strong efforts to arrive at a conclusion as early as possible after necessary negotiations.”
Reuters reported that the company’s preferred bidder, Japan Industrial Partners, is close to securing financing from banks for a buyout, with their purchase being expected to value the industrial conglomerate at some $16 billion.
Also, the Nikkei newspaper reported that Japan Industrial Partners could receive loans worth 1.2 trillion yen, and that the core banking units of Sumitomo Mitsui Financial Group and Mizuho Financial Group would each lend 450 billion yen.
Japanese companies likely to join Japan Industrial Partners in its bid include financial services group Orix, chipmaker Rohm and Japan Post Bank.
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