Tag Archives: Toshiba
TOKYO (Reuters) – Toshiba Memory Corp, the world’s No. 2 producer of NAND flash memory chips, will go public as soon as the autumn of next year, Kyodo News reported on Wednesday.
Toshiba Corp sold Toshiba Memory in June to a consortium led by Bain Capital LP, which also included Apple Inc, South Korean chipmaker SK Hynix, Dell Technologies and Seagate Technology.
When asked about the Kyodo News report, a spokesman from Toshiba Memory said there is no change to its plans to go public in the next two to three years and that it has not made a decision on when specifically it will launch its initial public offering.
The sale of the chip unit helped save Toshiba Corp from years of financial crisis brought about by accounting scandals and billions of dollars in cost-overruns at its U.S. nuclear unit Westinghouse.
Reporting by Yoshiyasu Shida, writing by Stanley White; Editing by Vyas Mohan
TOKYO (Reuters) – Japan’s Toshiba Corp said on Friday it had completed the $ 18 billion sale of its chip unit to a consortium led by U.S. private equity firm Bain Capital.
The completion of the deal, initially aimed for by end-March, had been delayed due to a prolonged review by Chinese antitrust authorities. China approved the deal last month.
The Bain consortium last year won a long and highly contentious battle for Toshiba Memory, the world’s No. 2 producer of NAND chips. Toshiba put the business up for sale after billions of dollars in cost overruns at its Westinghouse nuclear unit had plunged it into crisis.
The consortium includes South Korean chipmaker SK Hynix, Apple Inc, Dell Technologies, Seagate Technology and Kingston Technology.
Under the deal with Bain, Toshiba repurchased 40 percent of the unit, it said in a statement.
Reporting by Makiko Yamazaki; Editing by Sunil Nair
TOKYO (Reuters) – Japan’s Toshiba Corp has decided it will cancel the planned $ 18.6 billion sale of its memory chip unit if it does not get approval from China’s anti-monopoly regulator by May, the Mainichi newspaper said on Sunday.
A consortium led by U.S. private equity firm Bain Capital last year won a long and highly contentious battle for the unit, which Toshiba put up for sale after billions of dollars in cost overruns at its Westinghouse nuclear unit plunged it into crisis.
But Toshiba was unable to complete the sale by the agreed deadline of March 31 as it was still waiting for approval from China’s antitrust authorities.
Toshiba raised $ 5.4 billion from a share issue to foreign investors late last year and it had now decided it did not need to go through with the sale, the Mainichi newspaper reported. It did not cite any source.
“Toshiba has come to a decision that there is little necessity for the sale as it is no longer in insolvency,” the newspaper reported, adding that Toshiba would consider listing the unit if the sale did not go ahead.
A Toshiba spokesman said the company was still aiming to complete the sale as soon as possible.
In early April, Toshiba Chief Executive Nobuaki Kurumatani said his company would not use the option of cancelling the sale unless there was any “major material change” in circumstances.
Reporting by Makiko Yamazaki, Kiyoshi Takenaka; Editing by Robert Birsel
TOKYO (Reuters) – A Hong Kong-based activist investment fund opposed to Toshiba Corp’s (6502.T) sale of its chip unit to a Bain Capital-led group said the deal should be renegotiated at a valuation of 3.3 trillion yen to 4.4 trillion yen ($ 30 billion-$ 41 billion).
Argyle Street Management said on Friday that the current deal, which values the unit at 2 trillion yen, was agreed upon when Toshiba was desperate for cash. Toshiba is no longer insolvent, and was free to terminate the deal without incurring any penalty because the sale had not closed by a March 31 deadline, it said.
Toshiba should aim to list the unit if the Bain group will not agree to a higher price, it added.
Reporting by Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Edwina Gibbs
TOKYO (Reuters) – Toshiba shares rose 3 percent in early trade on Wednesday after sources told Reuters that Western Digital Corp has offered to drop out of a group bidding for its flash memory chip business to take a stronger position in their joint venture instead.
The move could see Toshiba finally seal a deal to sell the chip business after months of delays, providing it with the funds needed to cover billions of dollars in liabilities arising from the failure of U.S. nuclear unit Westinghouse.
Reporting by Chris Gallagher; Editing by Stephen Coates