By Justina Lee
Toshiba Corp. shares gained on a report that bidders may offer up to 7,000 yen ($51.38) a share to take the Japanese conglomerate private.
Shares rose as much as 6.5% to 5,858 yen in Thursday morning trade before paring gains to Y5,765. The stock was last up 4.5% at Y5,747.
Reuters reported that the offer price range of up to Y7,000 a share would represent up to a 27% premium to Toshiba’s share price of Y5,501 as of Wednesday’s close.
If the deal is successful, the deal is expected to be Japan’s biggest buyout since 2018, when a consortium led by management consulting firm Bain & Co. acquired the conglomerate’s memory chip unit, Kioxia Holdings Corp., for $18 billion.
Toshiba’s chief executive, Taro Shimada, said earlier this month that he didn’t want any buyers to split up the company.
Write to Justina Lee at email@example.com