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Brunei
Sunday, January 29, 2023
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Brunei
Sunday, January 29, 2023
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    Toshiba’s preferred bidder may lower valuation below JPY2T

    CNA – Japan Industrial Partners (JIP), the preferred bidder to buy out Toshiba Corp, may lower the valuation from the planned JPY2.2 trillion (USD16.09 billion) to levels below JPY2 trillion, the Nikkei business daily reported on Saturday.

    Even though JIP has secured funding worth JPY1 trillion in equity from domestic companies and JPY1.2 trillion in loans from major banks, it may cut the valuation in light of a recent deterioration in Toshiba’s earnings and the need for post-buyout working capital, the Nikkei said.

    Toshiba said in a letter to shareholders on Friday it was aiming to reach a conclusion with potential partners as soon as possible.

    It is “planning to receive binding and bona-fide proposal(s) and shall be making strong efforts to arrive at a conclusion as early as possible after necessary negotiations”, the letter said.

    Toshiba logos at a venue of Toshiba Corp’s annual general meeting with shareholders in Tokyo. PHOTO: CNA
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