Toshiba's Tender Offers for 2 Units End in Success

Economy

Tokyo, Dec. 26 (Jiji Press)--Toshiba Corp. <6502> said Thursday it has successfully completed its tender offers for two of three publicly traded subsidiaries.

The two are Toshiba Plant Systems & Services Corp. <1983> and Nishishiba Electric Co. <6591>.

Toshiba extended the period of its tender offer for the remaining unit, NuFlare Technology Inc. <6256>, until Jan. 16, after Hoya Corp. <7741> announced its plan to launch a tender offer for the chipmaking equipment manufacturer, countering Toshiba's ongoing bid.

On Nov. 14, Toshiba launched tender offers for the three units, aiming to take full control of them and delist them from the Tokyo Stock Exchange, in order to clear the issue of parent-subsidiary listing, which has raised governance concerns among foreign investors over possible conflicts of interest between the parent and minority shareholders.

Toshiba's equity stake now stands at 90 pct or more in Toshiba Plant Systems and Nishishiba Electric. After certain proceedings, the two units are expected to be de listed.

[Copyright The Jiji Press, Ltd.]

Jiji Press