Toshiba announced the start of a tender for the purchase of shares of the company from August 8

Led by investment fund Japan Industrial Partners, a Japanese consortium will begin a buyout of Toshiba’s shares on August 8. About it says in a company message.

The Board of Directors of the company approved this decision and recommended that shareholders support it. The amount of the transaction may be $15 billion – 4,630 yen per share.

Bloomberg notesthat the redemption will take place at the price offered back in March. According to the agency, the company sees the offer as a chance to regain its position after more than a decade of scandals and leadership changes. Chairman Akihiro Watanabe said during a conference call that “today marks the end of Toshiba’s eight-year stalemate.” Watanabe said a deal between Western Digital and Kioxia (40% owned by Toshiba) could hurt shareholders’ willingness to bid on Toshiba, but that would be a problem for JIP.

At the beginning of 2022 reportedthat Toshiba revised its strategic development plan and decided to split into two companies instead of three. From the general structure it was planned to separate two companies – Infrastructure Service Co, which will specialize in infrastructure systems and batteries, and Device Co, which will be responsible for the development of the sector of power semiconductors, electronic devices and storage, high-capacity hard drives and analog integrated circuits. As the Nikkei newspaper wrote earlier, the split plans are related to the desire of Toshiba’s management to increase its shareholder value by creating companies with different sources of profit generation and development strategies.