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SNDK 195.81-4.1%Oct 30 3:59 PM EDT
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From: Bruno Cipolla2/13/2023 7:44:16 AM
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JIP makes $15.2bn bid for Toshiba

Japan Industrial Partners (JIP) finally submitted its bid for Toshiba earlier today.

The bid is worth $15.2 billion – about the same as Toshiba’s current market cap – and is backed by $10.6 billion of loans from Japanese banks. $1.5 billion of the loans is earmarked for working capital.

A number of Japanese companies will take equity shares worth $7.6 billion.

It is said that the banks are still trying to nail down commitments from Toshiba management to promise the sale of underperforming businesses if earnings deteriorate, to set up a committee including investor representatives to monitor management and to accept bank executives sent to the company.

At the same time as the JIP takeover there’s an ongoing attempt by Western Digital of the US to buy Kioxia, the former Toshiba Memory, which is 40% owned by Toshiba and 55% owned by Bain Capital of the US.

Western Digital currently jointly owns some Japanese NAND production facilities in a jv with Kioxia from which Kioxia and Western Digital share the output 50-50.

The Western Digital buy-out proposal is reported to be that Western Digital would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the US managed by Western Digital.
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