On August 7, Japan's Toshiba Corporation announced that a consortium dominated by Japan's domestic fund "Japan Industrial Partners" (JIP) will officially launch a total of about 2 trillion yen (1 yen is about 0.05 yuan) to Toshiba. tender offer.
The consortium, made up of more than 20 Japanese companies, will buy Toshiba shares at a price of 4,620 yen per share. So far, semiconductor manufacturer ROHM has announced that it will invest 300 billion yen, and ORIX has announced that it will invest 200 billion yen.
The tender offer will close on Sept. 20, when the bid will be successful if the acquirer buys more than two-thirds of Toshiba shares. Toshiba plans to hold an extraordinary general meeting of shareholders in late November to discuss the tender offer. If the acquisition plan is approved at the meeting, Toshiba may delist within this year.
Founded in 1875, Toshiba Corporation is Japan's largest semiconductor manufacturer and the second largest comprehensive motor manufacturer. It was once a leader in Japan's electronics and chip industries. Electricity, energy, infrastructure and other fields have huge influence.
It is reported that Japan's first light bulb, first washing machine, and first refrigerator were all born in Toshiba's workshop, bringing endless glory and profits to Toshiba.
However, due to reasons such as intensified market competition and poor management for more than ten years, Toshiba has fallen into serious financial difficulties. Since 2012, Toshiba Home Appliances has basically never made a profit, and later even experienced extremely frequent huge losses.
In 2015, Toshiba suffered heavy losses due to the exposure of accounting scandals, especially the huge losses in the nuclear power business in the United States. Coupled with repeated management adjustments, the business situation fell into chaos.
In 2017, Toshiba introduced external funds to resolve the insolvency dilemma, and increased capital by 600 billion yen (31 billion yuan), avoiding delisting. However, some analysts believe that the exercise of the right to speak by overseas shareholders participating in the capital increase will affect Toshiba's operations.
In 2022, Toshiba began to look for an acquirer in order to cut off from the above-mentioned investors. Since then, Toshiba has attracted a number of interested investors, and in October 2022, a consortium dominated by "Japanese industrial partners" was selected as the preferred acquirer.
In the takeover offer, the JIP-led consortium said they plan to achieve Toshiba's long-term growth by improving operational efficiency and capital expenditures. The plan is aimed at helping Toshiba re-emerge and restore its leading position in Japan's electronics industry. The private equity firm's investment will provide Toshiba with more financial support to promote its technology research and development and product innovation.
Members of Toshiba's board of directors said the offer would bring new development opportunities to the company and better returns for shareholders.
The offer is also of great significance to the Japanese electronics industry. As a leader in Japan's electronics and chip industry, Toshiba's development has an important impact on the entire industry. If the acquisition is successful, it will provide new development opportunities for Toshiba, and will also inject new vitality into the Japanese electronics industry. Some people even commented that the consortium headed by JIP's offer for Toshiba marks a major change in the Japanese electronics industry.
But while the offer is priced at a premium to Toshiba's market price, some investors and analysts have expressed concern about the deal. They believe that although the consortium headed by JIP plans to inject a lot of money into Toshiba, it will not be easy to restore Toshiba to its former glory.
In addition, due to the uncertain global economic environment, competition in the electronics industry has become increasingly fierce, which will pose challenges to Toshiba's future growth.
About Toshiba：
Toshiba Electronic Devices and Storage Corporation offers a broad range of enabling technology solutions that allow OEMs, ODMs, CMs and fabless chip companies to develop advanced integrated products for the computing, networking, communications, digital consumer, automotive and other markets.
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