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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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Science

NASA’s RASSOR Robot Digs Deep into Moon Mining Future with Successful Test

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NASA’s RASSOR Robot Digs Deep into Moon Mining Future with Successful Test

NASA’s RASSOR (Regolith Advanced Surface Systems Operations Robot) was recently tested on simulated lunar soil at Kennedy Space Center’s Granular Mechanics and Regolith Operations LabThe excavator is built to dig and haul Moon-like regolith, preparing technology for sustained lunar missions. On May 27, NASA mechanical engineer Ben Burdess observed RASSOR’s counterrotating bucket drums churn through the soil simulant and carve a three-foot berm. This trial focuses on RASSOR’s digging drums and directly informs development of NASA’s next-generation Moon-mining excavator, the In-Situ Resource Utilization Pilot Excavator (IPEx)

RASSOR’s Counterrotating Drums and Regolith Excavation

According to NASA’s official website, each of RASSOR’s arms carries a bucket drum that spins in the opposite direction of its mate. Engineers note that this opposing rotation gives RASSOR extra traction even in weak gravity. In the Kennedy lab test, those counterrotating drums anchored the robot into the simulant and effectively dug soil – proof that RASSOR can grip and move regolith reliably on the Moon. With that traction, RASSOR can dig, load, haul and dump loose soil.

The collected regolith can then be processed into hydrogen, oxygen and water, resources critical to sustaining astronauts on the Moon. In short, the test showed RASSOR effectively excavating lunar soil simulant while its drum design demonstrated how future machines can operate in the Moon’s low gravity.

Toward the Moon with IPEx Excavator

NASA engineers say this RASSOR test was primarily to check the bucket-drum design slated for the In-Situ Resource Utilization Pilot Excavator (IPEx). RASSOR serves as a prototype for IPEx, which will be far more autonomous and capable.

IPEx is engineered as a combined bulldozer and dump-truck robot that can mine and transport large volumes of lunar soil. Ultimately, IPEx will dig up regolith and feed it into on-site processing units to extract oxygen, water and fuel from the Moon’s soil. Using these local resources is a cornerstone of NASA’s strategy for supporting a sustained human presence on the Moon and eventually Mars.

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Science

Europa May Host Life When Sun Becomes Red Giant, Say Cornell Researchers

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Europa May Host Life When Sun Becomes Red Giant, Say Cornell Researchers

Life in the solar system may not entirely end when the sun begins its dramatic transformation into a red giant star. Instead, a brief window of potential habitability may open on Europa, Jupiter’s icy moon, according to new research. Scientists now suggest that as the sun expands and its habitable zone shifts outward, Europa could temporarily offer conditions suitable for life, though the opportunity would last only a few hundred million years, fleeting on cosmic timescales, but not insignificant.

Europa May Host Microbial Life for 200 Million Years After Sun Becomes a Red Giant

As per a new study from the Carl Sagan Institute at Cornell University, soon to be published in the Monthly Notices of the Royal Astronomical Society, the red giant sun’s energy output could reach as far as Jupiter’s orbit. While Jupiter itself will remain inhospitable, its moon Europa may receive enough combined heat from both solar radiation and Jupiter’s increased reflection to melt parts of its icy crust. This warming could expose or even evaporate subsurface oceans long believed to exist beneath its frozen shell.

Researchers estimate that Europa’s surface will sublimate significantly on the side facing Jupiter, while equatorial regions will suffer water loss due to convective heat transport. Yet, the northern and southern regions on the side opposite Jupiter might retain more water, creating a modest water-vapour atmosphere. Scientists note that this could preserve the conditions needed to sustain life for as long as 200 million years.

The briefer span of Earth history might have been long enough for microscopic life to flourish or endure, in particular if life thrives somewhere below Europa’s ice. This finding could open new paths for astrobiological investigation, including future telescopes with the capability of fishing for biosignatures on ice-covered moons that orbit red giant stars.

Findings such as the exomoon discovery could open a new chapter in that search, with the possibility that after humans die out or destroy themselves, Europa might be all that remains of life in the solar system.

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Politics

Singapore’s ousted crypto firms may not find shelter elsewhere

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Singapore’s ousted crypto firms may not find shelter elsewhere

Singapore’s ousted crypto firms may not find shelter elsewhere

Singapore’s ousting of unlicensed firms was not a sudden move and it’s among several regions tightening licensing duties.

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