Consortium makes final 2 tril. yen bid to purchase Toshiba
A consortium led by Tokyo-based fund Japan Industrial Partners Inc. has made a final proposal to buy Toshiba Corp., with its offer price expected to reach about 2 trillion yen ($15 billion), sources familiar with the matter said Thursday.
JIP received commitment letters from banks offering to lend about 1.4 trillion yen, which will give the consortium sufficient funding to go ahead with the takeover, the sources said.
The banks approved the loan with a stipulation they can install directors on Toshiba’s board to ensure the company is managed in a way that does not jeopardize the consortium’s a...