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Toshiba shares up as buyers prepare to shell out $22b

Japanese tech conglomerate has reportedly received 10 offers, each with a different idea about how to do things

Dan Robinson Thu 23 Jun 2022 // 13:00 UTC

Toshiba has received 10 potential offers for the company, eight of which would take the company private, while two would allow it to remain publicly listed, according to reports.
Toshiba shares are said to have risen as much as 6.5 percent following the news, with some estimates valuing the deals at up to $22 billion.
The Japanese conglomerate announced in April that it was considering proposals to take the company private following numerous scandals and pressure from investor groups.

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Toshiba considering 11 possible futures

Management reveals 10 suitors, plus a digital transformation plan to become a software-defined business

Laura Dobberstein Fri 3 Jun 2022 // 08:00 UTC

Disgraced tech giant Toshiba has revealed it has received ten buyout proposals, and devised a plan to grow its digital businesses.
"As of today, the Company has received eight initial proposals for privatization, as well as two initial proposals for a strategic capital and business alliance with the Company remaining listed from Potential Partners," the Japanese conglomerate stated in a canned statement [PDF] dated June 2.
Toshiba didn't say who submitted the buyout proposals, but Bain Capital is known to have expressed an interest. Reports have indicated CVC Capital Partners and KKR might be in the running too. It's worth noting that CVC has sought this opportunity before.

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Toshiba says it's talking to 10 suitors about possible sale

Hires external advisors to bolster decision making capacity and hints it could consider multiple buyout plans

Simon Sharwood, APAC Editor Mon 16 May 2022 // 03:03 UTC

Ailing Japanese giant Toshiba has revealed it has 10 potential suitors for its possible sale.
A Friday announcement revealed that Toshiba's decision to consider a sale to a private buyer has progressed to the point at which discussions are under way with §0 parties who have expressed an interest in submitting a proposal to buy the company.
Those talks have become sufficiently serious that Toshiba has appointed two sets of advisors – from Mizuho Securities and JP Morgan Securities – to offer financial advice and assist the special committee Toshiba assembled to consider offers.

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Another big Toshiba shareholder calls for major change

3D Investment Partners wants to sell, labels company a 'governance embarrassment for Japan'

Laura Dobberstein Thu 7 Apr 2022 // 05:02 UTC

One of Toshiba’s largest shareholders has called upon the company's board to solicit bids to acquire all or part of the ailing Japanese giant.
The shareholder in question is 3D Investment Partners, which owns 7.6 per cent of Toshiba. On Wednesday it spelled out its disappointment in an open letter that notes shareholders have now opposed four turnaround plans proposed by management.
The letter expresses 3D's displeasure as follows:

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Toshiba puts going private on the table

Appoints independent committee and gives angry investors most of what they want

Simon Sharwood, APAC Editor Fri 8 Apr 2022 // 02:34 UTC

Toshiba has decided it will consider proposals to take the company private, and devise yet another strategy to improve its performance, suggesting alternative proposals for the company's future will be revealed – and perhaps decided - in late June.
The beleaguered Japanese giant yesterday announced [PDF] it has created a special committee to consider any offers for the company.
Membership of the committee is only open to Toshiba's independent directors – an important decision because investors have already rejected two plans cooked up by the company's management, and expressed displeasure at many management decisions.

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Bain Capital plots to buy Toshiba with help from largest shareholder

The deal is a long way from done and players can already foresee rival bids

Laura Dobberstein Fri 1 Apr 2022 // 06:20 UTC

Updated Singapore-based Effissimo Capital Management, the largest shareholder in troubled Japanese tech giant Toshiba, has signed a deal to sell its stake to American private investment firm Bain Capital – if Bain decides to launch a takeover bid.
As explained in a regulatory filing Effissimo submitted on Thursday, the deal does not bind the investment firm or Bain if a better offer, or rival buyer, comes along.
Effissimo vigorously opposed Toshiba's plan to split itself into two companies earlier this month. That plan and a previous strategy to split into three companies were Toshiba's attempts to put years of scandal and underperformance behind it.

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Toshiba shareholders reject split plan and private sale

Back to the drawing board for company plagued by years of scandals

Simon Sharwood, APAC Editor Thu 24 Mar 2022 // 05:10 UTC

Toshiba's shareholders have rejected both the company's plan to split into two companies and a proposal to look for a private buyer.
The company today staged an extraordinary general meeting (EGM) to consider both proposals. The plan to split the company into two listed entities was developed by management after a previous plan to split into three was not well-received by investors.
Both plans were a response to years of management and governance failures – plus serious financial and corruption scandals – that drew investor agitation for a turnaround plan.

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Toshiba's top investors signal strident opposition to planned two-way split

They’re not bothering to be particularly polite about it either

Simon Sharwood, APAC Editor Fri 11 Mar 2022 // 06:01 UTC

Toshiba's plan to split itself into two companies has been opposed by two significant groups of investors.
The Japanese conglomerate first planned to split into three entities, but that plan was poorly received, so management went back to the drawing board and came up with a new strategy to split into two companies.
That plan has also earned investors' ire.

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Toshiba CEO steps down as objections to re-org persist

Architect of rejected three-way split passes the baton as decision day looms

Simon Sharwood, APAC Editor Tue 1 Mar 2022 // 07:57 UTC

Toshiba has made a raft of new executive appointments as its reform plan meets with renewed opposition.
The beleaguered Japanese giant today announced [PDF] the departure of CEO Satoshi Tsunakawa, and the appointment of current corporate senior vice president Taro Shimada as his replacement.
No explanation was offered for Tsunakawa’s departure, but it’s not hard to guess the reasons: on his watch Toshiba devised a plan to split the company into three entities to realise more value for shareholders and help to put a string of scandals in the past.

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Toshiba decides Twoshiba's the best strategy, cans plan to create Threeshiba crowd

Strategy to make printer co. its flagbearer dropped, hands that job to infrastructure mega corp

Simon Sharwood, APAC Editor Tue 8 Feb 2022 // 06:27 UTC

Japanese tech giant Toshiba has abandoned its plan to break the company into three parts, opting for a strategy to split into two parts.
Toshiba's had a torrid few years as an accounting scandal, a governance scandal saw senior executives depart and private equiteers take a crack at poaching the company while it was wounded.
The company’s response was a plan, announced in November 2021, to split itself into three entities. Under than plan, Toshiba would persist as the operator of Toshiba Tec Corporation – a business focused on printers, barcode kit, and point of sale tech. The new Toshiba would inherit the 40 per cent stake Toshiba holds in memory-maker Kioxia (which was spun out in 2019), sell it, then return the proceeds to investors.

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