Nikkei News reported today that a consortium led by JIP GROUP (Japan Industrial Partners) has submitted a final takeover proposal for Toshiba, with a bargain price of about 2 trillion yen (currently about RMB 103.6 billion), including a loan of 1.6 trillion yen, in the hope of taking the troubled company private. The deal includes a 1.6 trillion yen loan to privatize the troubled company.
Two sources, who spoke on condition of anonymity, said major Japanese banks, including Sumitomo Mitsui Financial Group, have issued commitments to lend to the JIP-led group. The 1.4 trillion yen loan is said to include a 200 billion yen working capital commitment.
They said that the final offer will also include an equity component of about 1 trillion yen. However, it’s not clear if that amount has been finalized.
Toshiba said it would not comment, while private equity firm JIP declined to do so outright.
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Bloomberg reported earlier this week, citing people familiar with the matter, that several major Japanese banks had issued loan commitment letters to support the Japan Industrial Partners-led acquisition.
The deal was previously expected to reach around 2.2 trillion yen (about RMB 111.98 billion), but now it seems to be slightly higher. Previous sources had also said that the equity would be provided by a number of Japanese companies, including financial services group Orix, chipmaker Rohm and Japan Post Bank.
