One of the biggest members of the Japan Industrial Partners-led group pursuing a takeover of Toshiba intends to reduce its financial contribution, according to people familiar with the matter, adding another potential hurdle to the buyout of one of the country’s most iconic companies.
Orix is seeking to acquire ¥200 billion ($1.5 billion) of common and preferred Toshiba stock, down from the original ¥300 billion, the people said. Other co-investors with smaller stakes are also requesting to cut the size of their respective portions, the people said.
The financial services firm’s move could revive concerns about funding issues for the preferred bidder group’s multibillion-dollar offer to take control of the Japanese conglomerate. Orix and chipmaker Rohm, which also planned to invest ¥300 billion, are the largest stakeholders in the JIP-led consortium, the people said.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.