Toshiba shareholders gave the green light during an emergency meeting Wednesday to consolidate the company’s shares as the industrial conglomerate aims to rebuild itself as a private firm.
The decision will allow a consortium led by Japan Industrial Partners (JIP) to buy all of Toshiba's remaining shares, marking the end of its more than 70-year history of being a public firm. Toshiba has been beset by a barrage of issues over the past eight years, and the 148-year-old firm is set to be delisted from both the Tokyo Stock Exchange and Nagoya Stock Exchange on Dec. 20.
While Toshiba will be making a fresh start, some shareholders who attended the meeting expressed their frustration at the company's failure to remain a listed firm.