Consortium takes Toshiba private in a $13.5 billion tender offer

Doug Cunningham
·1 min read
UPI
Toshiba will go private after a $13.5 billion takeover by a consortium. Photo courtesy Eric G./Flickr

Sept. 21 (UPI) -- A consortium completed a $13.5 billion takeover of Japanese company Toshiba on Thursday, taking the company private.

Japan Industrial Partners Inc. led a consortium to end Toshiba's 74-year history as a public conglomerate.

"Although we are still calculating the number of shares that have been tendered to date, it is expected that the Tender Offer will be successful," Japan Industrial Partners, Inc. said in a statement.

"We are deeply grateful to many of our shareholders for being understanding of the company's position in this matter," Toshiba President Taro Shimada said in a statement. "Toshiba Group will now take a major step toward a new future with a new shareholder."

Toshiba said the consortium has gotten 78.65% of Toshiba's outstanding shares.

Toshiba, founded in 1875, has struggled for years since incurring a $6.5 billion U.S. loss in its nuclear business in 2017 and overstating profits in financial filings in the 2010s.