2 tril. yen Toshiba takeover bid succeeds, Japanese consortium says

A 2 trillion yen ($13.5 billion) takeover bid for Toshiba Corp. by a consortium led by Japan Industrial Partners Inc. has succeeded, the Tokyo-based fund group said Thursday, paving the way for the troubled conglomerate to rebuild itself as a private company.

The bid, launched on Aug. 8 for 4,620 yen per share, attracted 78.65 percent of Toshiba’s outstanding shares, the JIP-led group said. More than two-thirds of the shares must be tendered for the bid to be successful.

Toshiba’s board had recommended that shareholders accept, after initially saying the offer price was low.

But a lack of othe...