“Toshiba aims to complete the sale by the end of its fiscal year in March,” Yamazaki and Fujita report. “With the clock ticking, Bain filed for antitrust approval in China the day after signing, a person familiar with the matter said on Wednesday.”
“In the first news conference since the signing, Yuji Sugimoto, head of Bain Capital in Japan, told reporters on Thursday that Bain hopes to maintain stability at the chip unit through contracts with Apple Inc, a major client and member of the buyout consortium,” Yamazaki and Fujita report. “For Bain, the deal is part of an aggressive expansion strategy in Japan. Only days after the Toshiba deal, Bain announced a $1.4 billion bid for Japan’s third-largest advertising agency, Asatsu-DK Inc, in one of the largest buy-outs in the country this year.”
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MacDailyNews Note: The collapse of Toshiba’s U.S. nuclear unit Westinghouse, which filed for bankruptcy earlier this year, cost the Japanese company some $6.4 billion. The loss forced Toshiba to report a negative net worth for the fiscal year that ended in March. If it doesn’t turn things around by the end of this fiscal year, its shares will be delisted from the Tokyo Stock Exchange.
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