Toshiba shareholders OK stock consolidation, set for Dec. delisting

Economy

Toshiba Corp.'s shareholders approved a consolidation of the company’s shares at an extraordinary meeting Wednesday, paving the way for its delisting from the Tokyo Stock Exchange on Dec. 20 and marking the end of its 74-year history as a public company.

The move will allow a consortium led by Japan Industrial Partners Inc. to buy the remaining shares it failed to acquire in its successful 2 trillion yen takeover bid for the troubled Japanese conglomerate, founded in 1875.

The intention behind the delisting is to sever ties with overseas activist shareholders seeking short-term returns, allowi...

Kyodo News

Kyodo News