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Toshiba accepts buyout offer from Japanese consortium
[Image: toshiba-memory.jpg]

TOKYO: Toshiba Corp accepted a US$15.3 billion buyout offer from a Japanese consortium, the Nikkei newspaper reported, as the iconic conglomerate moved a step closer to ending a troubled chapter in its more than 140 year history.

The Tokyo-based company’s board approved on Thursday a bid of about ¥2 trillion (US$15.3 billion) from a group led by domestic private equity firm Japan Industrial Partners Inc, the report said, without attribution.

The move could bring down the curtain on years of turbulence at the storied Japanese firm after a series of scandals plunged it into difficulty and set it on the path to a sale.

Toshiba’s management, the Japanese government and the company’s unusually large proportion of vocal foreign shareholders have been at odds over the company’s future, with activist investors seeking to maximise returns while the state prioritised keeping sensitive technologies and businesses out of foreign hands.

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