Toshiba recommends shareholders accept buyout offer

Toshiba Corp. said Thursday it agreed to recommend its shareholders sell their holdings in response to a tender offer made by a consortium led by Tokyo-based fund Japan Industrial Partners Inc.

The conglomerate’s management had agreed to the buyout offer in March but then stopped short of recommending share sales at the offer price of 4,620 yen ($33) a share, which the company saw as low.

No other bidders have come up with a rival offer.

Toshiba said Thursday that “the transaction reasonably contributes to the enhancement of the company’s corporate value” as it will lead to a stable management...