Toshiba board recommends shareholders support tender offer by JIP-led consortium

TOKYO (Reuters) -Japan’s Toshiba (OTC:) Corp said on Thursday its board of directors decided to recommend shareholders to take up a tender offer by a consortium led by private equity firm Japan Industrial Partners (JIP).

Toshiba’s board earlier this year accepted the buyout offer, which would value the Japanese electronics conglomerate at 4,620 yen a share or 2 trillion yen ($14.29 billion) in total, but did not go as far as recommending shareholders to tender their shares.

($1 = 139.9100 yen)