Toshiba prepares for $14b deal to go private

Aug 07 (tbsnews.net) - Toshiba said a previously announced scheme to take the troubled Japanese conglomerate private in a deal worth around $14 billion will launch on Tuesday.

The move comes after years of turmoil for the company, which once symbolised Japan's economic might but more recently has been mired in scandals, financial turmoil and resignations.

The Japan Industrial Partners-led consortium taking control in the nearly two trillion yen deal includes 17 Japanese firms and six Japanese banks.

In March, Toshiba said the tender offer will be called off if the consortium fails to buy at least 66.7 percent of the outstanding shares.

The price is set at 4,620 yen per share and the period 30 business days, according to the website on the tender offer, slightly higher than Monday's closing price of 4,584 yen. ...continue reading

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