It was learned on the 12th that Toshiba plans to negotiate with the domestic fund "Japan Industrial Partnership" (JIP) as the core of the enterprise alliance on the business restructuring plan. JIP seeks to participate in the restructuring of Toshiba with a number of Japanese companies such as Chubu Electric Power and ORIX. It seems that it is discussing restructuring through delisting, and whether it can raise a huge acquisition fund of more than 2 trillion yen (about 98 billion yuan) will become the focus.
Toshiba announced on September 30 that it received a letter of intent equivalent to a restructuring plan from multiple groups that passed the first round of bidding. It is reported that in addition to JIP, the semi-official fund "Industrial Innovation Investment Institution" has also submitted a letter of intent. The partners of Toshiba's restructuring have actually been reduced to two camps dominated by domestic funds.
The premise of Toshiba’s delisting is that the JIP camp implements an acquisition. The acquisition amount is expected to be less than 2.2 trillion yen (closing price on the 11th) of Toshiba’s total market value plus a premium of hundreds of billions of yen. JIP is mobilizing large domestic companies to participate in Toshiba's restructuring. While securing this part of the capital, it also needs to obtain loan commitments from financial institutions to ensure the remaining funds.
In the first round of bidding for Toshiba's reorganization plan, JIP and the above-mentioned investment institutions formed a camp to participate in the bidding. However, due to differences in Toshiba's reorganization plan, they formed two camps to submit letters of intent.
Toshiba has not ruled out the camp of investment institutions. According to the negotiation trend with JIP, there may be twists and turns in the process.
