The once great zaibatsu
It's seems all the once great zaibatsu are dangerously moribund.
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 …
Never a lack of vultures to squeeze the last blood out of a faltering company. Usually by splitting it into many many disparate blocks, selling off all assets (including all IP) and taking out massive loans in the name of the company to finance even more money making schemes. In the process leaving the victim company a pile of bare bones, picked dry and in massive debt, ready to finally be declared dead.
"Vultures" is right. Bain Capital, one of those cited, is Mitt Romney's alma mater.
Two-faced creep Romney trumped up his actions as "harvesting the value" [of the victim company].
The reality is what you stated:
"...splitting it into many many disparate blocks, selling off all assets (including all IP) and taking out massive loans in the name of the company to finance even more money making schemes. In the process leaving the victim company a pile of bare bones, picked dry and in massive debt, ready to finally be declared dead."
Sad example:
Sears and scumbag Eddie Lampert
Toshiba tells shareholders to get stuffed
In a special meeting on March 24, shareholders voted down splitting the company or selling the company. Proxy adviser Glass Lewis said clients should vote against the split proposal and argued the process that led to it relied on “flagrantly dubious reasoning”. The votes were non-binding but set up a binding vote next year.
Toshiba management is now scrambling to ensure that the sale (and their golden parachutes) happen as soon as possible.
For an analysis see:
https://www.bloomberg.com/news/articles/2022-03-24/toshiba-shareholders-reject-both-company-split-3d-proposals-l14fg3c8
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.
Toshiba has appointed two directors from activist hedge funds to its board in a move that could tip the balance in favor of a sale that would take the company into private ownership.
Shareholders of the Japanese conglomerate voted their support for all 13 director nominations recommended by the company during the annual general meeting of shareholders held on June 28 in Tokyo.
This included two directors from hedge fund investment companies, a contentious move that led to the resignation of external director Mariko Watahiki, a former high court judge, who reportedly objected to their appointment on the grounds that it skewed the membership of the board towards activist investors.
Japan is reportedly hoping to join the ranks of countries producing leading-edge 2nm chips as soon as 2025, and it's working with the US to make such ambitions a reality.
Nikkei reported Wednesday that businesses from both countries will jointly research the design and manufacturing of such components for devices ranging from smartphones to servers as part of a "bilateral chip technology partnership" between America and Japan.
The report arrives less than a month after US and Japanese leaders said they would collaborate on next-generation semiconductors as part of broader agreement that also calls for "protecting and promoting critical technologies, including through the use of export controls."
A Chinese state-backed startup has hired legendary Japanese chip exec Yukio Sakamoto as part of a strategy to launch a local DRAM industry.
Chinese press last week reported that Sakamoto has joined an outfit named SwaySure, also known as Shenzhen Sheng Weixu Technology Company or Sheng Weixu for brevity.
Sakamoto's last gig was as senior vice president of Chinese company Tsinghua Unigroup, where he was hired to build up a 100-employee team in Japan with the aim of making DRAM products in Chongqing, China. That effort reportedly faced challenges along the way – some related to US sanctions, others from recruitment.
Japan has updated its penal code to make insulting people online a crime punishable by a year of incarceration.
An amendment [PDF] that passed the House of Councillors (Japan's upper legislative chamber) on Monday spells out that insults designed to hurt the reader can now attract increased punishments.
Supporters of the amended law cite the death of 22-year-old wrestler and reality TV personality Hana Kimura as a reason it was needed. On the day she passed away, Kimura shared images of self-harm and hateful comments she'd received on social media. Her death was later ruled a suicide.
The Japanese outpost of Indian services giant Tata Consultancy Services has revealed it is working on the "Internet of Actions" – an effort to bring the sense of touch to the internet.
Tata has paired with a Japanese upstart from Keio University, Motion Lib, to spearhead the endeavor.
TCS said it will eventually deliver a "new social infrastructure" by commercializing Motion Lib tech. But first and more practically, the company will create a demonstration environment for "real haptics" technology at its Digital Continuity Experience Center (DCEC) showroom.
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.
Dust that Japan's Hayabusa2 probe returned to Earth from asteroid Ryugu reportedly contain 20 amino acids, according to Japanese media.
Which is very exciting indeed, because amino acids are the stuff of life. They help to build proteins, act as neurotransmitters in the brain, and are utterly ubiquitous and essential in terrestrial life. Just last month, esteemed journal Nature published research suggesting that amino acids had a crucial role in the evolution of the first self-replicating molecules.
Outlets such as Nikkei report that a Science ministry spokesperson mentioned the presence of amino acids yesterday, with a hint of peer-reviewed work to come but no other detail.
Japan's parliament has passed legislation allowing Yen-linked stablecoin cryptocurrencies, thus becoming one of the first countries – and by far the largest economy – to regulate a form of non-fiat digital money.
The regulations stipulate that only banks and other registered financial institutions – like money transfer agents and trust companies – can issue the alterna-cash. Intermediaries, or those who are responsible for the circulation of the currencies, will be required to adopt stricter anti-money-laundering measures. The rules also define stablecoins as digital money and guarantee face value redemption.
Japan's Financial Services Agency (FSA) floated this regime in a March 2021 proposal. Parliamentary assent for the proposal means it will come into effect in 2023. The regulations will apply to domestic financial institutions as well as foreign operations that target Japanese users. The research material supporting the decision relied heavily on trends in the US and Europe.
Mitsubishi Electric has admitted to widespread cheating on its internal quality control efforts.
The Japanese giant makes datacenter-scale power supply products, uninterruptible power supplies, high-end optical networking kit, plus plenty of electronics and semiconductor products – so this scandal is of concern to Reg readers. Buyers of other Mitsubishi Electric products, covering building operations, railways, and space systems, also have reason for concern.
One more thing: the company's motto is "Changes for the better." We can't make this stuff up.
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