Japanese tech giant Toshiba accepts $15B buyout bid

Published

2 years ago

March 24, 2023

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Japanese electronics and technology manufacturer Toshiba has accepted a 2 trillion yen ($15 billion) tender offer from a buyout fund made up of the nation’s major banks and companies.

Japan Industrial Partners was created in 2002 to restructure Japanese companies. Companies it has invested in include Sony, Hitachi, Olympus and NEC.

Toshiba announced its board accepted the bid at 4,620 yen ($36) a share late Thursday. Toshiba closed at 4,213 yen ($32) a share and is trading at 4,474 yen ($34) early Friday.

The bid is the latest chapter in the company's turnaround effort, allowing it to go private and delist from the Tokyo Stock Exchange.

TOSHIBA SHAREHOLDERS REJECT PLAN TO BREAK INTO TWO PARTS

The logo of Toshiba Corp. is seen at a companys building in Kawasaki near Tokyo, on Feb. 19, 2022. Scandal-embattled Japanese electronics and technology manufacturer Toshiba has accepted a 2 trillion yen ($15 billion) tender offer from Japan Industri ((AP Photo/Shuji Kajiyama, File) / AP Newsroom)

Overseas activist investors own a significant part of Toshiba’s shares, and it’s unclear if they will be happy with the latest bid.

If the deal is successful, it will keep Toshiba’s business Japanese in an alliance with Japanese partners.

The consortium includes about 20 Japanese companies, such as Orix Corp., a financial services company, electronics manufacturer Rohm Co. and the megabanks such as Sumitomo Mitsui Banking Corp., according to Japanese media reports.

Toshiba has been dealing with controversy for years, starting with an accounting scandal in 2005.

Its U.S. nuclear arm Westinghouse, filed for bankruptcy in 2017 after years of deep losses as safety costs soared.

TOSHIBA NOW PLANS TO SPLIT INTO TWO, BOOSTS SHAREHOLDER RETURN TARGETS

A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo. (REUTERS/Yuriko Nakao / Reuters Photos)

Toshiba is also involved in the decommissioning effort at the Fukushima nuclear plant, heavily damaged by an earthquake and tsunami in March 2011.

Toshiba has gone through several presidents over the years.

The latest proposal still needs to go through regulatory reviews in several countries, including the U.S., Vietnam, Germany and Morocco.

That process is expected to take several months.

TOSHIBA GETS TAKEOVER BID FROM PRIVATE EQUITY FIRM CVC

The logo of Toshiba Corp. is seen at a companys building in Kawasaki near Tokyo. ((AP Photo/Shuji Kajiyama, File) / AP Newsroom)

Toshiba has been trying to go private in recent years. Proposals to split Toshiba into three and then two companies were rejected by shareholders.

The company first received a buyout offer from private equity firm CVC Capital Partners in April 2021, which was subsequently dismissed as lacking details.Ticker Security Last Change Change % TOSBF TOSHIBA CORP. 34.8 +2.80 +8.75%

Interest in Toshiba by Japan Industrial Partners was first reported last October.

Last month, Toshiba lowered its profit forecast for the fiscal year to 130 billion yen ($1 billion), down from an earlier projection for a 190 billion yen ($1.5 billion) profit.

The Associated Press contributed to this report.

US

Soulja Boy arrested on suspected weapons charge during traffic stop

Published

57 mins ago

August 4, 2025

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Soulja Boy arrested on suspected weapons charge during traffic stop

Soulja Boy has been arrested and charged with possession of a firearm during a traffic stop.

The rapper, whose real name is DeAndre Cortez Way, was a passenger in the car that was stopped in the Fairfax area of Los Angeles early on Sunday morning, the LAPD said.

“A passenger was detained and police arrested DeAndre Cortez Way for being a convicted felon in possession of a firearm,” the statement added.

Possessing a firearm as a convicted felon is a felony.

The 35-year-old was booked into jail in the LAPD’s Wilshire Division shortly after 6am. It is not clear if he has since been released.

Police did not provide information on what prompted the traffic stop and who else was in the vehicle with Way.

Soulja Boy is yet to publicly comment on the incident.

Soulja Boy is best known for his 2007 hit Crank That, which topped the Billboard Hot 100 for seven weeks and landed him a nomination for best rap song at the Grammys.

The rapper was arrested and charged with a felony in 2014 for carrying a loaded gun during a traffic stop in LA.

In April this year, the Chicago hip-hop artist was ordered to pay more than $4m (£3m) in damages to his former assistant after being found liable for sexually assault, as well as physically and emotionally abusing them.

Sports

Rodriguez makes history with another 20-20 year

Published

2 hours ago

August 4, 2025

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Rodriguez makes history with another 20-20 year

ESPN News Services

Aug 3, 2025, 07:04 PM ET

SEATTLE — Julio Rodriguez homered to become the first player in major league history with 20 or more home runs and 20 or more stolen bases in each of his first four seasons, and the Seattle Mariners beat the Texas Rangers 5-4 on Sunday.

Rodriguez hit a two-run shot in the third inning — his 100th career homer — and the slugging and speedy center fielder also added his 21st stolen base of the season after singling in the fifth inning.

“That’s a very big accomplishment,” Rodríguez told reporters, according to MLB.com. “I know my family’s very happy, and I’m sure they’re thinking of all the things I had to do to be able to get here. To be able to do it with this team and this organization is awesome. I’m just excited to see where things are going to go from here.”

Jorge Polanco added a solo shot in the second, and shortstop J.P. Crawford smacked a two-run blast in the fourth against Rangers starter Jacob deGrom (10-4), who became the fastest pitcher in major league history to reach 1,800 career strikeouts by games and innings Sunday.

The Rangers kept things close by pushing across three runs against Mariners starter Logan Evans (5-4), but tallied only one run against the Mariners bullpen before closer Andrés Muñoz locked down his 25th save of the season.

The Associated Press contributed to this report.