Toshiba In Talks With 10 in Potential Buyout Investors

- Advertisement -


Toshiba is weighing going private.

- Advertisement -

AFP via Getty Images

- Advertisement -

Toshiba Corp said Friday that it has received interest from 10 potential investors after the Japanese industrial conglomerate solicited proposals on strategic alternatives, including a buyout.

The 10 investors have been given detailed information on the company’s business and finances after signing confidentiality agreements, Toshiba (ticker: 6052.Japan) said in a statement, The company currently has a market value of about $18 billion.

- Advertisement -

Non-binding proposals must be submitted by May 30, Toshiba said, adding that it will announce the total number of interested parties before its next annual general meeting at the end of June.

Toshiba shares closed 1.10% higher at 5,426 ($42.10) on Friday. The stock is up 14.71% so far this year.

In April, Toshiba announced that it would set up a special committee to assess potential bids from private equity and other investors after shareholders rejected a management plan to split the company into two parts.

Toshiba on Friday also released its full-year earnings for the year ended March 2022. Net profit rose 70.8% to 194.7 billion ($1.5 billion), or 442.05 a share, compared with 114 billion, or 251.25 yen per share, reported for the fiscal year 2020, as it increased sales in all business segments, and operating income mainly from semiconductors and energy.

For the current financial year, Toshiba expects a 7% rise in operating profit to 170 billion yen, on projected sales of 3.3 trillion.

Toshiba also announced a special dividend of 160 yen per share.

Write to Lina Saigol at [email protected]

,

Credit: www.marketwatch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox