Toshiba says a 2 trillion yen ($14 billion) tender offer for the troubled electronics and energy giant by a Japanese consortium has been completed, clearing the way for it to be delisted.
FILE - The logo of Toshiba Corp. is seen at a company's building in Kawasaki near Tokyo, on Feb. 19, 2022. A 2 trillion yen tender offer for troubled electronics and energy giant Toshiba by a Japanese consortium has been completed, clearing the way for it to be delisted, the company said Thursday, Sept. 21, 2023.
The switch to Toshiba's new parent company and largest shareholder, called TBJH Inc. will take place on Sept. 27. The move still needs shareholders' approval, and a meeting has been set for November, according to Toshiba. “Toshiba Group will now take a major step toward a new future with a new shareholder,” said its chief executive, Taro Shimada.A sprawling accounting scandal, which surfaced in 2015 and involved books being doctored for years added to woes related to Toshiba's nuclear energy business. It faces the daunting and costly task of decommissioning the nuclear power plant in Fukushima, northern Japan, where a tsunami set off three meltdowns in 2011.
Toshiba has spun off parts of its operations, including its prized flash-memory business, now known as Kioxia. Toshiba is a major stakeholder in Kioxia.
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