Toshiba buyout: Japanese fund submits $15bn proposal

TOKYO, Nov 08 (Nikkei) - Investment fund Japan Industrial Partners has submitted a formal proposal to take over Toshiba for about 2.2 trillion yen ($15 billion), Nikkei learned on Monday.

The proposal is based on Toshiba's current share price. Toshiba's special committee that was established in April will decide whether to accept the bid.

JIP was chosen as a preferred bidder in October and is leading a consortium of buyers. It had been working out the details of the takeover and has conducted an asset assessment, taking into account the uncertain semiconductor industry outlook as well as the fact that Toshiba's stock price has already risen in anticipation of restructuring.

About 1 trillion yen will be funded by a group of Japanese companies, including utility Chubu Electric Power and leasing company Orix. More than 10 companies have expressed an interest in contributing capital. JIP itself will also inject 100 billion yen. ...continue reading

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