Toshiba Corp's board on Thursday agreed to accept a buyout proposal worth around 2 trillion yen ($15.3 billion) from a consortium led by private equity firm Japan Industrial Partners (JIP), the Nikkei business daily reported.
If successful, the deal would draw a line under years of upheaval for the industrial conglomerate ranging from accounting scandals, heavy losses, corporate governance concerns as well as friction with activist investors that led to a strategic review.
It has taken weeks for the board to proceed with a vote on JIP's proposal as some board members were dissatisfied with its offer price, sources have said. "If the early reports are correct, this ends months of uncertainty regarding whether a deal was coming and years of uncertainty regarding Board understanding of the right price," said analyst Travis Lundy of Quiddity Advisors, who publishes on Smartkarma.
"This would provide a lot of activists a way out, even if it is not what they hoped for. The question is whether 'Toshiba Fatigue' is strong enough to overcome disappointment on price."
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