Toshiba says JIP's US$14 billion tender offer set to succeed

A US$14 BILLION tender offer to take Toshiba private is set to succeed, the Japanese company said on Wednesday (Sep 20), clearing a way for Japan’s biggest deal this year.

Toshiba has received a report from the buyer, a group led by Japan Industrial Partners (JIP), that the tender offer “is forecasted to be successful,” the company said.

JIP, a private equity firm, launched a 4,620 yen (S$42.59) per share bid to take Toshiba private last month, a move that would put the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders.

The offer, which ended on Wednesday, needed at least two-thirds of shareholders to tender their shares for it to succeed. REUTERS