Toshiba Says Its $15 Billion Takeover Offer Will Start in August

Toshiba Corp. said it now expects its $15 billion buyout offer by a group led by Japan Industrial Partners Inc. to begin in August instead of this month as it awaits regulatory approval.

(Bloomberg) — Toshiba Corp. said it now expects its $15 billion buyout offer by a group led by Japan Industrial Partners Inc. to begin in August instead of this month as it awaits regulatory approval.

The tender offer for the troubled Japanese conglomerate will start as soon as the relevant procedures under foreign competition and foreign direct investment laws are cleared, Toshiba said in a statement Friday.

The Tokyo-based firm sees the take-private bid as a chance to recover from years of scandals, management overhauls, losses in its nuclear power operations and the sale of its prized memory-chip business.

Toshiba has recommended that shareholders tender their shares in the offer, which is priced at the low end of initial expert estimates amid a shaky outlook for its flash memory chip business Kioxia Holdings Corp.

Before the statement, Toshiba closed Friday up 0.4% at 4,577 yen a share, below JIP’s offer of 4,620 yen.

More stories like this are available on bloomberg.com