Toshiba Corp. is planning a board meeting on Thursday to discuss the buyout offer led by private equity firm Japan Industrial Partners Inc., according to people familiar with the matter.
(Bloomberg) — Toshiba Corp. is planning a board meeting on Thursday to discuss the buyout offer led by private equity firm Japan Industrial Partners Inc., according to people familiar with the matter.
A special committee dedicated to vetting the takeover bid will make recommendations ahead of the full board meeting, the people said, asking not to be identified as the information is private. There’s a chance the board directors could proceed with a vote, the people said. Should the board agree to accept the offer, an announcement could come as soon as Thursday, the people said.Â
Toshiba does not disclose the date of board meetings and the content of deliberations, a representative said in response to a Bloomberg News query. The company is assessing the proposal from the JIP-led consortium along with other strategic options and nothing has been decided at the moment, while the firm will announce any board decision once a final conclusion is made, the representative said.
Toshiba in February received a buyout offer led by JIP which values the 148-year-old company at about ¥2 trillion ($14.8 billion), and which includes bank financing worth about ¥1.4 trillion. Shares of Toshiba have fallen about 11% this year, valuing the firm at about $13 billion.
If approved by shareholders, a deal would mark the culmination of a saga that has pitted Toshiba’s management against vocal foreign investors for years in a test case for how Japanese companies are run. Talks to bring international buyout firms on as equity investors have stalled and the bidding group led by JIP presently includes domestic firms, Bloomberg News reported last month.
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