Toshiba shares surge following report of $19 billion buyout bid
2022.10.12 21:06
© Reuters. FILE PHOTO: Toshiba logos are pictured at Toshiba Corp’s annual general meeting with its shareholders in Tokyo, Japan, June 25, 2021. REUTERS/Kim Kyung-Hoon/File Photo
TOKYO (Reuters) – Shares in Toshiba (OTC:) Corp jumped about 9% in early trading on Thursday following a report that a domestic-led consortium is looking to buy the Japanese conglomerate for 2.8 trillion yen ($19.1 billion).
News agency Kyodo reported on Wednesday that a group of firms led by Japan Industrial Partners, a domestic private equity group, had made the bid, which marked a premium of around 26% from Wednesday’s closing price.
The group, which includes Chubu Electric Power Co, had received the right of first refusal in its bid for Toshiba, the business daily reported.
Shares of Toshiba were up 8.5% at 5,566 yen in morning trade in Tokyo, putting them on track for their biggest one-day gain in more than a year.
($1 = 146.7700 yen)
