Shulou(Shulou.com)11/24 Report--

CTOnews.com Toshiba Corp. said Thursday it will hold an extraordinary shareholders meeting on Nov. 22 to approve its share merger, and the company will delist from the Tokyo Stock Exchange on Dec. 20.

Toshiba announced last month that a 2 trillion yen (CTOnews.com note: currently about 98 billion yuan) takeover bid by private equity firm Japan Industrial Partners (JIP) was successful, reaching the threshold to take the company private, thus ending its 74-year history of listed entities.

JIP currently owns 78.65% of Toshiba and plans to retain Toshiba's CEO and his management team.

Toshiba has a history dating back to 1875, but since 2015 Toshiba has been hit by scandals and heavy losses, and Toshiba's delisting will cap a decade of its troubles.

Toshiba, once known for its technological innovations, paid Japan's highest-ever fine for falsifying financial statements in 2015.

The company then suffered a disastrous foray into nuclear power, forcing it to write down $6.3 billion (currently about 45.99 billion yuan) and sell its "crown jewel" memory chip business, which has since been restructured as Kioxia Holdings Corp.

In 2021, the company announced plans to split into three divisions, but revised that plan in 2022 to favor a two-way split. After the then-CEO resigned to take responsibility for the mess, the board began soliciting bids to take the company private.

Related reading: "Japan's JIP-led consortium will launch a takeover offer for Toshiba, with a total price estimated to be as high as 2 trillion yen"

Toshiba Announces $13.5 Billion Privatization Deal Success and Delists from Tokyo Stock Exchange

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