A $14 billion tender offer to take Toshiba (6502.T) private will succeed, private equity firm Japan Industrial Partners (JIP) announced Wednesday, opening the way for Japan’s biggest acquisition this year.
After years of conflicts with offshore activist shareholders, JIP’s tender bid ended Toshiba’s 74-year listing, putting the electronics-to-power stations company in local hands on Wednesday.
JIP stated, “it is forecasted that the tender offer will be successful,” indicating that at least two-thirds of shareholders had tendered their shares.
JIP said that the tender offer results will be announced once finalized.
With a two-thirds majority, JIP would push out the remaining shareholders at an emergency shareholder meeting. By December, Toshiba shares would be delisted.
Last week, Toshiba’s largest shareholder, Effissimo Capital Management, tendering its 9.9% ownership, enhanced JIP’s chances of success.
Japan is the only major Asian market where mergers and acquisitions have grown in the first nine months.
LSEG data shows that Japanese corporate deals through mid-September have climbed 25% from the previous year due to the Toshiba merger and a planned $6.4 billion takeover of JSR (4185.T).