Troubled Toshiba announces buyout offer led by Japan businesses

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toshiba has announced a 2 trillion yen, or $14 billion, tender offer in a move that would take it private, as the scandal-tarnished Japanese electronics and energy giant seeks to turn itself around. The tender offer led by a buyout fund of major Japanese banks and companies called Japan Industrial Partners starts Tuesday and is priced at 4,620 yen, or about $32, a share. Chairperson Akihiro Watanabe asked shareholders to back the proposal, saying it is the only option for Toshiba Corp. to return to its former strength. Tokyo-based Toshiba also reported a 25 billion yen, or $176 million, loss for the April-June quarter.