If the proposal succeeds, it will be a major step in Toshiba's yearslong turnaround effort, allowing it to go private and delist from the Tokyo Stock Exchange. But overseas activist investors own a significant part of Toshiba's shares, and it's unclear if they will be happy with the latest bid.Tokyo-based Toshiba Corp. announced its board accepted the bid at 4,620 yen a share late Thursday. Toshiba closed at 4,213 yen a share Thursday, and is trading at 4,474 yen early Friday.
Its US nuclear arm Westinghouse filed for bankruptcy in 2017, after years of deep losses as safety costs soared. Toshiba is also involved in the decommissioning effort at the Fukushima nuclear plant heavily damaged by an earthquake and tsunami in March 2011.Toshiba has gone through several presidents over the years, as the brand once prized for making household appliances, laptops, batteries and computer chips, became the target of overseas activist shareholders.
Source: News Formal (newsformal.com)
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