TOKYO, Oct. 12 (Xinhua) — Japan’s Toshiba Corporation mentioned on Thursday will probably be delisted from the Tokyo Stock Exchange on Dec. 20, ending its 74-year-long historical past as a public firm, because it seeks to rebuild itself following a takeover bid.
Toshiba mentioned it can convene a unprecedented shareholders’ assembly on Nov. 22 in Tokyo to debate share consolidation and different agendas in a bid to squeeze out remaining shareholders.
Last month, a 2 trillion yen (about 14 billion U.S. {dollars}) takeover bid for Toshiba by a consortium led by Japan Industrial Partners (JIP) led to success, placing the scandal-tarnished Japanese electronics and power big in home palms after years of battles with abroad activist buyers.
The JIP-led consortium noticed 78.65 % of Toshiba shares tendered, giving the group a majority of greater than two-thirds which might be sufficient to squeeze out remaining shareholders.
Toshiba, one in every of Japan’s main corporations, was based in 1875. It began as an electrical equipment maker and regularly branched out into new enterprise sectors reminiscent of infrastructure and renewable power.
Since 2015, Toshiba has been battered by accounting scandals, suffered heavy losses and got here near being delisted. It has additionally been engulfed in a collection of company governance scandals.