Toshiba board recommends shareholders support JIP-led $14 billion buyout

Japan’s Toshiba Corp said on Thursday its board of directors has decided to recommend shareholders take up a tender offer from a consortium led by private equity firm Japan Industrial Partners (JIP).

The board earlier this year accepted the buyout offer, which would value the conglomerate at 4,620 yen a share or 2 trillion yen ($14.29 billion), but did not go as far as recommending shareholders tender their shares.

On Thursday, it said, “as a result of the transaction, the company would build a stable management base to implement a consistent business strategy to reform and grow the company over the medium to long term.”