TOKYO: Toshiba Corp (6502.T) said on Thursday it will hold an extraordinary shareholder’s meeting on Nov. 22 to approve the consolidation of its shares, which will be delisted from the Tokyo Stock Exchange on Dec. 20.
The Japanese conglomerate Toshiba last month announced the success of a 2 trillion yen ($13.4 billion) tender offer from private equity firm Japan Industrial Partners.
The deal puts the 148-year-old electronics-to-power stations maker in domestic hands after years of battles with overseas activist investors. Toshiba is set to be delisted as early as in December.
“Activist shareholders and Toshiba were stuck with each other for years. This takeover allows both sides to escape their mutual bearhug,” said analyst Travis Lundy of Quiddity Advisors, who publishes on Smartkarma.
Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid.
