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    6502   JP3592200004

TOSHIBA CORPORATION

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Delayed Japan Exchange  -  02:00 2022-06-24 am EDT
5690.00 JPY   -0.11%
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Exclusive-Japanese buyout firms JIP, Polaris considering bids for Toshiba - sources

05/27/2022 | 07:10am EDT
FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki,

TOKYO/HONG KONG (Reuters) - Japanese buyout firms Japan Industrial Partners (JIP) and Polaris Capital Group are each considering participating in bids for Toshiba Corp, two people familiar with the matter said on Friday.

Toshiba, which has been bedevilled by accounting and governance crises since 2015, set up a special committee last month to explore strategic options, including potential deals to go private, after shareholders voted down a management-backed restructuring plan.

Both funds, far smaller than some global private equity firms, would need to team up with others, the sources said. The participation of local funds is seen as critical as some of Toshiba's assets - including defence equipment and nuclear power - are seen as strategically important in Japan.

The sources declined to be identified as the matter is private.

It was not immediately clear if JIP and Polaris were already collaborating with other funds.

Although not well known overseas, the pair have been involved in corporate carve outs and spin offs from Japanese conglomerates.

JIP, for example, bought Olympus' camera business last year and Sony Group's laptop computer business in 2014. Polaris acquired Fujitsu's mobile phone business in 2018.

JIP could not be reached immediately for comment. A representative for Polaris said it is true that the firm is considering the opportunity, but declined to comment further.

Toshiba said 10 potential investors had signed confidentiality pledges, without identifying them. The deadline for initial proposals is Monday.

A spokesperson for Toshiba said the company "intends to provide transparent updates on the process to our shareholders, and will publicly announce the number of non-binding proposals received from potential partners and the overview of proposed deal structures before the annual shareholders' meeting in June".

The Japanese government will not block foreign investors from buying industrial giants such as Toshiba provided they comply with rules that govern the handling of sensitive technology, Takayuki Kobayashi, Japan's economic security minister, told Reuters recently.

(Reporting by Makiko Yamazaki and Scott Murdoch; Editing by Kirsten Donovan)

By Makiko Yamazaki and Scott Murdoch


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FUJITSU LIMITED 3.09% 17035 Delayed Quote.-13.66%
OLYMPUS CORPORATION 0.06% 2681.5 Delayed Quote.1.21%
POLARIS HOLDINGS CO., LTD. 1.98% 103 Delayed Quote.41.10%
POLARIS INC. 2.95% 107.57 Delayed Quote.-2.13%
SONY GROUP CORPORATION 2.26% 85.64 Delayed Quote.-33.74%
TOSHIBA CORPORATION -0.11% 5690 Delayed Quote.20.30%
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Financials
Sales 2022 3 347 B 24 772 M 24 772 M
Net income 2022 147 B 1 087 M 1 087 M
Net Debt 2022 236 B 1 748 M 1 748 M
P/E ratio 2022 17,0x
Yield 2022 3,35%
Capitalization 2 462 B 18 222 M 18 222 M
EV / Sales 2022 0,81x
EV / Sales 2023 0,80x
Nbr of Employees 117 300
Free-Float 92,9%
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 5 690,00 JPY
Average target price 5 180,63 JPY
Spread / Average Target -8,95%
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Managers and Directors
Taro Shimada President & Chief Executive Officer
Masayoshi Hirata CFO, Head-Accounting & Finance Management
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Hideaki Ito Head-Technology Planning, R&D Center
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