Toshiba Corp will officially become a private company this coming December after accepting a more than $13 billion takeover bid.
The Toyko-based electronics giant announced Thursday it has scheduled an upcoming “extraordinary shareholder meeting” to hammer out the details of the private takeover and delisting of its shares.
Toshiba said the shareholders meeting, scheduled for November 22, is being held to vote on the upcoming consolidation of its shares, as part of the takeover process.
Last month, the conglomerate accepted an offer from the private equity firm Japan Industrial Partners to take dominion over the company in exchange for a $13.4 billion price tag, worth roughly 2 trillion yen.
The two companies had been in negotiations since last April, according to a Notice of Share Consolidation, released by Toshiba along with an Announcement of Cancellation of Treasury Stock, also Thursday.
As part of the private deal, Toshiba will be forced to delist from the Tokyo Stock Exchange (TSE) on December 20th, adhering to criteria laid out in the Securities Listing Regulations of both the TSE and the Nagoya Stock Exchange (NSE).
A designation period for delisting the stock is expected to take place between November 22 and December 19th once the shareholders votes are recorded.
“Please be aware that it will not be possible to trade the Company’s Shares on the TSE and the NSE after the delisting,” Toshiba stated.
The abolition of provision on share units and partial amendment to the companies Articles of Incorporation will also be addressed at the meeting.
Japan Industrial Partners will now own 78.65% of Toshiba Corp - equivalent to 433,397,301 stock shares - according to the announcement.
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