Toshiba announces delisting on December 20, 2 trillion yen privatization transaction successful

News from this site on October 12, Toshiba Corporation said on Thursday that it will hold an extraordinary shareholders meeting on November 22 to approve its stock merger. The company will withdraw from the Tokyo Stock Exchange on December 20 city.

Toshiba announced last month that the 2 trillion yen (approximately 98 billion yuan) takeover bid by private equity firm Japan Industrial Partners (JIP) was successful, reaching the threshold to take the company private, thus ending With its 74-year history as a listed entity, JIP currently holds 78.65% of Toshiba Corporation’s shares and plans to retain Toshiba’s CEO and its management team. Toshiba's delisting will cap a troubled decade for the company, which dates back to 1875 but has been hit by scandals and deep losses since 2015.

Toshiba, once known for its technological innovations, paid Japan's largest-ever fine in 2015 for falsifying financial statements. In the subsequent development, the company suffered serious setbacks in its entry into the nuclear energy business and had to write down $6.3 billion (approximately 45.99 billion yuan) and sell its important storage The chip business, which has now been reorganized into Kioxia Holdings Corp.

In 2021, the company announced plans to split into three divisions, but revised that plan in 2022 and instead Supports two-way splitting. The then-CEO resigned to take responsibility for the mess, after which the board began soliciting bids to take the company private.

Related reading:

"Japan's JIP-led consortium will launch a takeover bid for Toshiba, with the total price estimated to be as high as 2 trillion yen"

"Toshiba announced the success of the US$13.5 billion privatization transaction and will be delisted from the Tokyo Stock Exchange"
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