Toshiba board accepts $15.2B buyout offer

Toshiba said in a statement: "Toshiba Corporation announces that, with respect to a tender offer by TBJH Inc. for the common shares of the Company, the Company resolved, at the Board of Directors’ meeting held today, as the current opinion of the Company, to express an opinion supporting the Tender Offer if the Tender Offer is commenced and to refrain from making the decision on recommending shareholders to tender their shares in the Tender Offer at this time. However, there is expected to be a period of at least four months from today until the commencement of the Tender Offer, and the Company’s Board of Directors intends to request an opinion from the Special Committee established by the Company, and that based on such opinion, to reconsider and to make its decisions on whether to recommend shareholders to tender their shares in the Tender Offer." A successful deal, which would value Toshiba at 4,620 yen per share or 2 trillion yen in total, would see the company taken private