Toshiba is set to go private after a consortium led by Japan Industrial Partners (JIP) succeeded in taking control of the struggling conglomerate through a ¥2 trillion ($13.5 billion) tender offer, Toshiba said Thursday.
The move is a milestone in the 148-year history of Toshiba, which has been beset by a series of troubles for nearly a decade that have derailed management's focus on reconstructing the business.
Toshiba said the JIP-led group has gained 78.65% of Toshiba’s outstanding shares through the bid, which began Aug. 8, paying ¥4,620 per share. The group needed to acquire more than two-thirds of the shares for the offer to be successful.
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