Dow Jones Newswires: Toshiba shares rise on potential offer to take company private

0
3

Toshiba Corp. shares 6502, +3.54% gained on a report that bidders may offer up to 7,000 yen ($51.38) a share to take the Japanese conglomerate private.

Shares rose as much as 6.5% to 5,858 yen in Thursday morning trade before paring gains to Y5,765. The stock was last up 4.5% at Y5,747.

Reuters reported that the offer price range of up to Y7,000 a share would represent up to a 27% premium to Toshiba’s share price of Y5,501 as of Wednesday’s close.

If the deal is successful, the deal is expected to be Japan’s biggest buyout since 2018, when a consortium led by management consulting firm Bain & Co. acquired the conglomerate’s memory chip unit, Kioxia Holdings Corp., for $18 billion.

Toshiba’s chief executive, Taro Shimada, said earlier this month that he didn’t want any buyers to split up the company.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleNasdaq Composite overcomes early decline to post modest gain
Next articleWorthington raises dividend, boosting yield to above 3%

LEAVE A REPLY

Please enter your comment!
Please enter your name here