Japan’s Toshiba Corp. announced on Thursday that it is set to end its 74-year stock market history, following a consortium led by private equity firm Japan Industrial Partners (JIP) has purchased 78.65 percent of its shares for a $13.5 billion.
Toshiba, Japan’s oldest and biggest firm “will now take a major step toward a new future with a new shareholder,” its president and chief executive officer, Taro Shimada, said in a statement.
In March, Toshiba accepted JIP’s buyout offer valuing the industrial conglomerate at 2 trillion yen, with no prospects of a higher offer or competing bid, even though the 4,620 yen per share offer price was considered by some as unsatisfactory.
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