Toshiba said on Thursday its board of directors has decided to recommend shareholders take up a tender offer from a consortium led by private equity firm Japan Industrial Partners (JIP).
The board earlier this year accepted the buyout offer, which would value the conglomerate at ¥4,620 a share or ¥2 trillion ($14.29 billion), but did not go as far as recommending shareholders tender their shares.
On Thursday, it said, "as a result of the transaction, the company would build a stable management base to implement a consistent business strategy to reform and grow the company over the medium to long term."