Toshiba board supports – without recommending – $15 billion takeover bid
The board of troubled Japanese tech conglomerate Toshiba has announced it supports but will not recommend a $15 billion takeover offer that will launch in the next ten days but won't close for around four months.[PDF] revealed that a subsidiary of Japan Industrial Partners, Inc. will shortly issue a tender for all Toshiba shares, taking the company private.
Which, apart from the convoluted corporate-speak, is rather odd. If a board supports a transaction, it's usually a sign it thinks it will be good for shareholders. The reason offered for the coyness is"the possibility that new circumstances may arise during this period which may cause the Board of Directors to reconsider its opinion."
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