March 29, 2023 | Industrials | Asia | Ended

Toshiba / JIP-led Consortium: Deal Insights

On 23-Mar-23, Toshiba’s board of directors accepted a JPY 4,620 per share takeover offer from a consortium led by private equity firm Japanese Industrial Partners (JIP), a move that could end years of disarray for the Japanese conglomerate. The $15.2bn bid has been accepted, but Toshiba’s board has so far withheld a formal recommendation, for two reasons: (i) the accepted bid has been lowered multiple times since JIP’s initial JPY 5,500 offer made in November 2022, and (ii) “new circumstances may arise” between now and when the tender offer commences, expected in late July 2023. The announcement confirms that the target board may reconsider its recommendation prior to the tender offer opening. Concurrent with the M&A announcement, Toshiba has decided to not pay its annual dividend, which would have been distributed to shareholders on record on 31-Mar-23. Conditions to closing include antitrust clearances from relevant authorities in the US, Canada, the UK,

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