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Big Law

Toshiba Is Working With Japan Industrial Partners to ‘Quickly Complete’ a $15 Billion Buyout

Toshiba Corp said on Friday it was working with Japan Industrial Partners (JIP) to quickly complete a $15-billion buyout by the private equity firm, as the industrial conglomerate forecast another year of weak earnings.

After Toshiba’s board in March accepted a 2 trillion yen ($14.8 billion) buyout offer from the JIP-led group, Toshiba has “received positive responses from various stakeholders, including many customers, business partners and employees”, it said in a statement.

“The management team concluded there was an expectation that the transaction would help the company build a stable management base”, and “is therefore working with JIP to quickly complete the transaction”, it said.

Read the source article at money.usnews.com

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