Toshiba to be delisted from the Japanese stock exchange on December 20 after 74 years

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Toshiba

Japan’s Toshiba Corporation said on Thursday it will be delisted from the Tokyo Stock Exchange on Dec. 20, ending its 74-year-long history as a public company, as it seeks to rebuild itself following a takeover bid.

Toshiba said it will convene an extraordinary shareholders’ meeting on Nov. 22 in Tokyo to discuss share consolidation and other agendas in a bid to squeeze out remaining shareholders.

Last month, a 2 trillion yen (about 14 billion U.S. dollars) takeover bid for Toshiba by a consortium led by Japan Industrial Partners (JIP) ended in success, putting the scandal-tarnished Japanese electronics and energy giant in domestic hands after years of battles with overseas activist investors.

The JIP-led consortium saw 78.65 percent of Toshiba shares tendered, giving the group a majority of more than two-thirds which would be enough to squeeze out remaining shareholders.

Toshiba, one of Japan’s leading companies, was founded in 1875. It started as an electric appliance maker and gradually branched out into new business sectors such as infrastructure and renewable energy.

Since 2015, Toshiba has been battered by accounting scandals, suffered heavy losses and came close to being delisted. It has also been engulfed in a series of corporate governance scandals.

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