Toshiba shares jump after Japanese conglomerate opens door to buyout
2022.04.22 04:26
FILE PHOTO: Toshiba Corp’s logo is seen at the company’s facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon
TOKYO (Reuters) – Shares of Toshiba (OTC:TOSYY) Corp jumped more than 3% on Friday, after the Japanese conglomerate said it would solicit deal offers, including on a potential buyout, bolstering hopes of a lucrative exit for its hedge fund investors.
The Japanese conglomerate, which has been locked in a long-battle with some of its major shareholders over its strategic direction, said on Thursday it had hired Nomura Securities as a financial adviser on strategic alternatives.
Those would include privatisation, it said.
The move comes after its shareholders last month voted down a company proposal to spin off its devices unit.
Shares of Toshiba were up 3.6% at 5,343 yen at 0117 GMT.
