UPDATE 1-Toshiba's No.1 shareholder to sell shares in JIP offer-source

Reuters · 09/15/2023 05:58
UPDATE 1-Toshiba's No.1 shareholder to sell shares in JIP offer-source

Adds background, details

By Makiko Yamazaki


- Toshiba's 6502.T largest shareholder Effissimo Capital Management has decided to tender shares in the takeover offer led by Japan Industrial Partners (JIP), a source familiar with the matter said on Friday.

Effissimo has 9.89% stake in Toshiba, according to a document filed to Japan's financial regulator on Thursday.

JIP, a private-equity firm, launched a 4,620 yen-per-share bid to take the industrial conglomerate private last month. It closes on Sept. 20.

At least two-thirds of shareholders to tender their shares for the bid to succeed.


(Reporting by Makiko Yamazaki; Writing by Kantaro Komiya; Editing by Jacqueline Wong and Neil Fullick)

((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))