Troubled Toshiba Announces Buyout Offer Led By Japan Businesses

Toshiba announced a 2 trillion yen ($14 billion) tender offer on Monday in a move that would take it private, as the scandal-tarnished Japanese electronics and energy giant seeks to turn itself around. From a report: The tender offer led by a buyout fund of major Japanese banks and companies called Japan Industrial Partners starts Tuesday and is priced at 4,620 yen ($32) a share. Chairperson Akihiro Watanabe asked shareholders to back the proposal, saying it is the only option for Toshiba to return to its former strength. [...] Tokyo-based Toshiba also reported a 25 billion yen ($176 million) loss for the April-June quarter on 704 billion yen ($5 billion) in sales, down nearly 5% from the previous year. It did not give a full fiscal year profit projection, citing uncertainties in its computer chip business. If the proposal succeeds, it will be a major step in Toshiba's yearslong turnaround effort, allowing it to delist from the Tokyo Stock Exchange.

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