KYODO – Japanese conglomerate Toshiba Corporation said Thursday it will be delisted from the Tokyo Stock Exchange on Dec 20, ending its 74-year-long history as a public company, as it seeks to rebuild itself following a takeover bid.
Last month, a ¥2 trillion (US$13 billion) takeover bid for Toshiba by a consortium led by Japan Industrial Partners Incorporated ended in success.
Toshiba also said it will convene an extraordinary shareholders’ meeting on Nov 22 in Tokyo to discuss share consolidation and other agendas in a bid to squeeze out remaining shareholders.
The JIP-led group, which consists of companies such as financial firm Orix Corp and Rohm Company Limited, a manufacturer of various electronics products, has acquired a 78.65% stake in Toshiba through the tender offer.
The bid was intended to allow Toshiba to sever ties with overseas activist shareholders, who it says were only seeking short-term returns.
Toshiba, one of Japan’s leading companies, was founded in 1875. It started as an electric appliance maker and gradually branched out into new business sectors such as infrastructure and renewable energy.
Toshiba has been struggling to recover from a spate of problems that occurred in the 2010s, including a scandal related to overstating its profits in financial filings. It also incurred massive losses in its nuclear business in the United States during the same period.
Toshiba Semiconductor (Thailand) opened a factory in the 304 Industrial Park in Prachin Buri province in 2014. (Photo: Toshiba Semiconductor (Thailand))