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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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From Coinbase to Milei and LIBRA: Crypto class-action suits pile up

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From Coinbase to Milei and LIBRA: Crypto class-action suits pile up

From Coinbase to Milei and LIBRA: Crypto class-action suits pile up

Class-action lawsuits against crypto-related firms are building up, with cases facing major firms such as Bakkt and Coinbase.

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Philippines SEC cracks down on unregistered crypto exchanges

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Philippines SEC cracks down on unregistered crypto exchanges

Philippines SEC cracks down on unregistered crypto exchanges

The Philippines SEC flagged OKX, Bybit, KuCoin and others for offering crypto services without authorization, warning of enforcement and app store bans.

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Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike

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Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike

Electric motocross just got another serious upgrade. Stark Future has unveiled its latest evolution of the VARG MX platform – meet the VARG MX 1.2. With more powertrain efficiency, longer range, and a tech-infused new onboard computer that moonlights as a military-grade Android phone, this bike is maintaining the Stark VARG playbook of doing more than keeping up with gas-powered competition, it’s burying them.

Stark Future is flying high, both literally with impressive performance that has helped riders to expand their options so aggressively that it’s gotten itself banned from the X-Games, to proverbially with the company already touting profitability so early in its operations.

At the heart of the VARG MX 1.2 is the same 80 hp (60 kW) electric motor that made the original VARG such a monster on the dirt, easily outgunning traditional 450cc gas bikes. But this time around, riders get even more customization. The power output can be adjusted anywhere from 10 to 80 hp (7.5-60 kW) on the fly, with refined control over the power curve and motor braking. Basically, it’s like having a garage full of bikes in one, and all of them are really impressive!

Helping riders tap into all that performance is a new handlebar-mounted smart device called the Arkenstone. This isn’t your average LCD screen, it’s a full-fledged, ruggedized Android smartphone that connects wirelessly to the bike. Want to change power modes mid-lap? Done. Want to track your lap times and get real-time GPS data? Also done. Stark even partnered with a major map provider to make sure the new “Laps” feature delivers real course splits and terrain data without the need for external apps or gear.

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And of course, performance is still king here. The new 7.2 kWh battery tucked into a lightweight magnesium honeycomb case delivers up to 20% more range than before. That means longer rides, harder pushes, and fewer recharge breaks. Oh, and it still puts out 973 Nm of torque at the rear wheel. Not a typo. That’s insane torque.

The updated chassis is no slouch either. Stark redesigned the frame using a stronger, lighter steel alloy, shaving off nearly a kilogram while improving flex and feedback. Suspension was also retuned with KYB components offering 310mm of travel and selectable spring rates based on rider weight – a level of adjustability that’s unheard of from most OEMs.

Motocross legend Kevin Windham, after testing the bike, didn’t hold back: “I’ve ridden everything there is to ride, and this is the future.” He praised the natural feel, instantaneous response, and how quickly it felt like home, even after decades on gas bikes.

But the VARG MX 1.2 isn’t just a lab project. It’s been relentlessly race-tested under the leadership of two-time World Champion Sébastien Tortelli, who now heads up Stark’s racing program. “Racing is where weaknesses show and strengths are proven,” says Tortelli. “Every race, every rider, every condition feeds into what we build.”

Other upgrades include a new overmolded wiring harness for extreme durability, a lighter and more efficient gearbox, new tires (Dunlop or Pirelli, your call), and even a reinforced skid plate made from biodegradable materials. Optional titanium hardware can shave off another 900 grams if you’re counting grams like trophies.

Maintenance? Practically nonexistent. With no pistons, clutches, or filters to fuss over, Stark says its riders can save up to $5,000 over 100 hours of use compared to a traditional gas bike. And in an industry notorious for limited warranties, Stark is backing the entire bike for two years.

Those cost savings are going to be important considering that electric motorcycles usually have higher up-front sticker shock. But with the new Stark, pricing is surprisingly competitive for something this high-end.

The 60 hp (45 kW) standard model starts at US $12,490, while the full-fat 80 hp (60 kW) Alpha comes in at $13,490 (plus a $1,000 tariff charge for US buyers). Bikes are available now through Stark’s global dealer network or directly from the company’s site.

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