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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.

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Astros’ Paredes to forgo season-ending surgery

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Astros' Paredes to forgo season-ending surgery

Houston Astros third baseman Isaac Paredes has opted to forgo season-ending surgery on his strained right hamstring and instead will rehab the injury in an effort to return this season, general manager Dana Brown told reporters Monday.

The 26-year-old Paredes, who is hitting .259 with 19 home runs and 50 RBIs this season, was placed on the injured list on July 20 after he was hurt while running to first base. Brown said the injury was “severe.”

Paredes has received a platelet-rich plasma injection and has had multiple rounds of imaging. His rehab stint, which will mostly take place in Houston around the team, will begin after a “long period” of letting the hamstring rest before beginning any sort of exercise, Brown said.

If Paredes undergoes surgery, he likely wouldn’t be able to return for at least six months.

“His whole opinion on this is, he wants to work hard to try to get back this season,” Brown said Monday. “Of course, he’s going to dedicate himself to getting back.”

The Astros were proactive at the trade deadline, acquiring infielder Carlos Correa from the Minnesota Twins. Correa, a Rookie of the Year and two-time All-Star in his prior stint with the Astros, has agreed to move from shortstop to third base while Paredes is out of the lineup.

The Astros (62-50) currently lead the AL West with around 50 games remaining in the regular season.

“He’s doing well and he’s working hard,” Astros manager Joe Espada said of Paredes. “He’s in good spirits, and I know he would rather be on the field. We hope for the best.”

The Associated Press contributed to this report.

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Braves’ Riley on IL; Holmes passes on TJ surgery

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Braves' Riley on IL; Holmes passes on TJ surgery

Atlanta Braves third baseman Austin Riley on Monday was placed on the 10-day injured list for the second time in two months with a strained lower abdominal muscle.

Right-hander Grant Holmes, meanwhile, has opted to rehab his injured right elbow rather than undergoing Tommy John surgery, manager Brian Snitker told reporters.

Riley suffered the injury while tagging out Cincinnati’s Elly De La Cruz near home plate in the Braves’ 4-2 win on Sunday in the rain-delayed MLB Speedway Classic at Bristol Motor Speedway.

Riley also landed on the IL on July 12 with a strained abdomen. He returned on July 25.

The Braves recalled infielders Nacho Alvarez Jr. and Jonathan Ornelas from Triple-A Gwinnett before opening a home series against Milwaukee on Monday night. The team optioned outfielder Jarred Kelenic to Gwinnett following Sunday’s game.

Riley is hitting .260 with 16 homers and 54 RBIs.

Snitker said Holmes, who has damage to his UCL, made the decision to not have surgery at the present time after consulting with two doctors. The pitcher could also reconsider and have surgery after the season.

Snitker did not give a timeline as to when Snitker, who was placed on the 60-day injured list on July 27, will begin throwing again. He is not eligible to be activated until Sept. 26.

Holmes is 4-9 with a 3.99 ERA and 123 strikeouts this season. He had 15 strikeouts in a game against the Colorado Rockies in June.

The Braves’ other Opening Day starters also are all on the injured list, with AJ Smith-Shawver out for the season after having Tommy John surgery.

Snitker said All-Star left-hander Chris Sale threw a bullpen session as he works his way back from a fractured rib. He is next scheduled to throw live batting practice.

Reynaldo Lopez, who was placed on the IL on March 29 with shoulder inflammation after one start, is playing catch, but Snitker said there is no timetable for his return.

Spencer Schwellenbach, who is recovering from a fractured elbow, has not resumed throwing.

The Associated Press contributed to this report.

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Bristol races to return to NASCAR shape after MLB

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Bristol races to return to NASCAR shape after MLB

BRISTOL, Tenn. — The instant the Atlanta Braves and Cincinnati Reds cleared the baseball diamond inside the infield at Bristol Motor Speedway, a new clock started.

“The Last Great Colosseum” has to switch from hosting the MLB Speedway Classic and be ready for NASCAR’s return to the historic racetrack for a playoff race Sept. 13.

The first MLB regular-season game in the state of Tennessee set a record with a paid attendance of 91,032, but now it must get back to its racing roots.

“It is difficult, but it’s things that we like,” said Steve Swift, Speedway Motorsports’ senior vice president of operations. “It gives us a challenge and we like challenges.”

Major League Baseball used BaAM to create everything from clubhouses for the Braves and Reds, complete with showers, strength and conditioning rooms, coach and trainers’ offices and batting cages. They constructed grandstands down both base lines with broadcast booths.

Pit walls were taken down and now have to be rebuilt. The transformation to a baseball diamond in the infield required 17,500 tons of gravel to level the infield, then 340 tons of Pennsylvania clay for the playing surface.

Swift said pouring concrete walls takes time — and then more time to cure properly.

“As soon as the last pitch is thrown, the last hit’s hit, teams do their thing, postgame’s taken care of, pads will start coming off the wall, and they’ll work through the night to basically start disassembling so we can reassemble for the NASCAR race,” Swift said.

Some of the gravel will be used in Bristol’s parking lots. Swift said they have found groups to help use some of the materials to help people still recovering from the damages left by Hurricane Helene. That includes 2x4s and plywood used for the grandstands.

“A lot of stuff is going to go to good use as far as the rebuild portion,” Swift said. “We just need to get it out of the way so we can put back asphalt and concrete.”

This new renovation schedule has a couple of days built in for protection. The target date for being finished is Sept. 7.

“There may still be some paint drying whenever they roll in with the Goodyear haulers, but we’ll definitely shoot for (Sept. 7),” Swift said.

Bristol hosted a college football game in 2016 that drew 156,990. Now the NHL might be in Bristol’s future after Sportico reported Friday that league officials would be checking out how the racetrack handled Major League Baseball.

“We’ve shown with football and now baseball being here, that things can take place and we can do the things that nobody would even think about,” Swift said.

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