Toshiba Says Its $15 Billion Takeover Offer Will Start in August

(Bloomberg) -- Toshiba Corp. said it now expects its $15 billion buyout offer by a group led by Japan Industrial Partners Inc. to begin in August instead of this month as it awaits regulatory approval.

Most Read from Bloomberg

• Fitch’s US Credit Downgrade Sparks Criticism Along With Unease

• Missing Goldman Sachs Analyst Confirmed Dead by New York Police

• S&P 500 Has Worst Day Since April After Big Rally: Markets Wrap

• Canada PM Justin Trudeau Splits With Wife Sophie Gregoire

• Here Are the 78 Charges Trump Now Faces, and All the Prison Time

The tender offer for the troubled Japanese conglomerate will start as soon as the relevant procedures under foreign competition and foreign direct investment laws are cleared, Toshiba said in a statement Friday.

The Tokyo-based firm sees the take-private bid as a chance to recover from years of scandals, management overhauls, losses in its nuclear power operations and the sale of its prized memory-chip business.

Toshiba has recommended that shareholders tender their shares in the offer, which is priced at the low end of initial expert estimates amid a shaky outlook for its flash memory chip business Kioxia Holdings Corp.

Before the statement, Toshiba closed Friday up 0.4% at 4,577 yen a share, below JIP’s offer of 4,620 yen.

Most Read from Bloomberg Businessweek

• Influencers Built Up This Wellness Startup—Until They Started Getting Sick

• AI in Hollywood Has Gone From Contract Sticking Point to Existential Crisis

• Amazon Unveils Biggest Grocery Overhaul Since Buying Whole Foods

• Honoring the Enslaved Man Who Made Jack Daniel’s First Whiskey

• The Stainless-Steel Boom Is Tearing a South African Mining Region Apart

©2023 Bloomberg L.P.