Toshiba Delisted from TSE

Toshiba Delisted from TSE

On December 20, Toshiba has officially delisted from Tokyo Stock Exchange (TSE), putting an end to its brilliant history as a listed company for 74 years.

The Vicissitude

Throughout the 20th century, Toshiba enjoyed a dominant position in the market for electronic goods. Countless households relied on Toshiba products, including televisions, washing machines, and refrigerators.

However, 2015 marked the start of series of misfortune for Toshiba. Investigations exposed the accounting scandals of Toshiba, which had been overstating corporate profits for over seven years.

To secure funds and sustain operations, Toshiba was forced to sell its businesses and stocks to foreign investors. This instigated the conflicts between activist shareholders and corporate management. Eventually, Toshiba was faced with the inevitable decisions to either split up or going private.

A New Chapter Awaits

In 2022, Toshiba received eight buyout proposals. Following careful consideration, the company’s board resolved to explore the offer from Japan Industrial Partners (JIP) to take the company private.

The consortium led by JIP began acquiring shares from Toshiba in August this year. By September, the consortium had already purchased 78.65% of the shares, establishing itself the largest shareholder of Toshiba.

During the shareholders meeting on November 22, Toshiba accepted the proposal to delist its common shares from TSE. In the statement released prior to the delisting, Toshiba expressed gratitude to its shareholders, characterized this development as a ‘major step forward’ and reaffirmed its unwavering commitment regardless despite upcoming privatization.

Related:

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• Toshiba to Be Sold