Toshiba Ceramics receives ¥91bn buyout offer

LONDON, November 1 (newratings.com) – Japanese chip maker Toshiba Ceramics Co Ltd (ticker: TO3) Tuesday announced that it has received a buyout offer worth $774 million from private equity firms Carlyle Group and Unison Capital.

Electronic goods manufacturer Toshiba Corp, which owns a 40% stake in the chipmaker intends to offload its stake as part of its attempts to focus its investments on flash memory chips used in the mobile phone and music players segment. The two private equity firms will through a special purpose vehicle purchase all shares in Toshiba Ceramics for ¥600 per share through a tender offer. The ¥91 billion offer will remain open from November 1 to December 4, Carlyle Group and Unison Capital said. Toshiba Ceramics will de-list its shares after the completion of the buyout.