Toshiba’s Biggest Investor to Tender Stock If Bain Makes Bid
(Bloomberg) -- Toshiba Corp.'s largest shareholder said it has agreed to tender its stock in the event of an offer from Bain Capital, reigniting speculation about future takeover bids for the troubled Japanese conglomerate.
Effissimo Capital Management Pte. would tender its entire stake if Bain launched a tender offer to acquire two-thirds or more of Toshiba, the activist shareholder said in a Japanese regulatory filing. Singapore-based Effissimo owns 9.9% of Toshiba, according to data compiled by Bloomberg.
Effissimo and Bain reached the agreement on March 24, the filing said. The disclosure doesn't mean that any decision has been made on a takeover bid.
In a statement, Bain said nothing has been decided about any tender offer.
Toshiba's future was thrown into limbo last week when shareholders voted down two proposals at an extraordinary general meeting. The first, put forward by management, sought to split the company in two. The second, by the firm's second-largest investor, called for Toshiba to reconsider alternative options including a sale.
Midori Hara, a Toshiba spokeswoman, said the company hasn't received any proposal from Bain at this time and the company isn't aware of the details of the agreement between Effissimo and Bain.
©2022 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
