Toshiba investors would need to tender at least two-thirds of outstanding shares for the bid to succeed. (Photo by Takayuki Yao)
TOKYO — A 2 trillion yen ($15 billion) bid to take Toshiba private now faces a test with shareholders after revelations the price was cut in light of the industrial group’s earnings slump.
Toshiba’s board on Thursday voted in favor of an offer of 4,620 yen per share from a consortium led by investment fund Japan Industrial Partners. This is 10% higher than Thursday’s close, but slightly below the six-month average of 4,683 yen.
