|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Business & Economy (Click here for more)

Toshiba Stocks Jump amid Reports of Buyout Offer

TOKYO – Toshiba shares gained up to 8 percent at the start of trading at the Tokyo Stock Exchange on Wednesday after its president confirmed the Japanese technology company has received a buyout offer from investment fund CVC Capital Partners.

Shortly before the end of the first hour, the Tokyo Stock Exchange suspended trading in Toshiba’s shares after its president and CEO Nobuaki Kurumatani confirmed the offer, reported earlier by economic daily Nikkei.

The company will discuss the offer at a board meeting, scheduled to be held later Wednesday.

CVC was considering offering a 30 percent premium over the current price of the Japanese group’s shares, which would put the value of the deal at almost 2.3 trillion yen ($20.9 billion), according to Nikkei.

The investment fund is also considering recruiting other investors to participate in the acquisition.

The proposal would help Toshiba accelerate decision-making amid complaints from some shareholders as it tries to recover from a series of scandals and heavy losses in recent years.

In March, Toshiba shareholders voted in favor of a proposal by Singaporean fund Effissimo Capital, its largest shareholder, to launch an independent investigation into the legitimacy of the company’s top leadership after denouncing irregularities in the vote to re-elect Kurumatani.

The offer would limit such conflicts by leaving the company in the hands of a single shareholder.

Kurumatani, the first head in 53 years to be appointed from outside the company, was vice chairman of the Sumitomo Mitsui Financial Group before becoming chairman of CVC Asia Pacific Japan, the Japanese branch of CVC Capital Partner.

For the deal to go through, it would need approval from the Japanese regulator. The finance ministry would have to review the offer in advance, by virtue of the regulations implemented in 2020 that impose greater scrutiny of foreign investment in certain types of businesses.

Toshiba has been embroiled in a series of accounting scandals in recent years, which has drawn rebukes from Japanese regulators.

Its financial woes have led it to withdraw from a nuclear power plant in the United States and offload its semiconductor subsidiary, once the most profitable division of the company.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2021 © All rights reserved