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JIP's tender offer, which closed on Wednesday, ends Toshiba's
74-year history as a listed firm and puts the
electronics-to-power stations maker in domestic hands after
years of battles with overseas activist shareholders.
"It is forecasted that the tender offer will be successful," JIP
said in a statement, suggesting that at least two-thirds of
shareholders have tendered their shares.
The final results of the tender offer will be announced once
they are finalised, JIP added.
Now that JIP has gained a two-third majority, the remaining
shareholders would be squeezed out upon a vote at a planned
emergency shareholder meeting. Toshiba shares would then be
delisted by as early as December.
The odds of JIP's bid succeeding increased last week when it was
revealed that Toshiba's largest shareholder, Effissimo Capital
Management, had decided to tender its 9.9% stake.
Japan is the only major market in Asia that has seen growth in
mergers and acquisitions for the first nine months of this year.
The total value of deals involving Japanese firms this year
through mid-September has increased 25% from the same period
last year, buoyed by the Toshiba deal, as well as a planned $6.4
billion buyout of materials maker JSR, according to data
compiled by LSEG.
($1 = 147.9100 yen)
(Reporting by Makiko Yamazaki and Tokyo Newsroom, Editing by
Louise Heavens and Sharon Singleton)
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