EUR/USD 1.18216
0.380%
Gold 4953.26
3.668%
Oil 63.301
0.599%
USD/JPY 157.095
0.042%
GBP/USD 1.36182
0.647%
GBP/JPY 213.938
0.708%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On February 7th, CNN reported that US President Trump claimed that renaming Pennsylvania Station in New York City as "Trump Station" was a proposal by Senate Majority Leader Chuck Schumer. Schumer quickly refuted this claim. "Schumer suggested to me that Pennsylvania Station be renamed Trump Station," Trump told reporters aboard Air Force One, adding that many people, including union members, Democrats, and Republicans, had made the suggestion, "but theres been no progress." Schumer immediately refuted Trumps claim, accusing him of lying about the details of their conversation. "Completely a lie," Schumer posted on social media platform X. "He knows it. Everyone knows it. Only one person can restart this project, and he can do it easily."February 7 – The World Health Organization (WHO) reported on February 6 that Bangladesh had one case of Nipah virus infection, with no other related cases identified. According to a WHO press release that day, the infected person is a woman aged 40 to 50 living in the Rajshahi district of Bangladesh. She developed fever and neurological symptoms on January 21 and was diagnosed with Nipah virus on January 29. Bangladeshi authorities notified the WHO on February 3. The woman had no recent travel history but had consumed raw date juice. Her 35 close contacts tested negative for Nipah virus.February 7th - US President Trump stated on the 6th that the US, Russia, and Ukraine held "very good" talks that day regarding resolving the Russia-Ukraine conflict. Answering reporters questions aboard Air Force One, Trump said, "We had very, very good talks with Russia and Ukraine today. Something might happen." However, he did not elaborate further. It is understood that the issue of Ukrainian territory and security guarantees remains the sticking point in the negotiations. The US and Ukraine recently discussed the possibility of reaching a Russia-Ukraine peace agreement in March, but this is proving very difficult, and the timetable may be delayed.February 7 - According to a report released by Indonesias Meteorology, Climatology and Geophysics Agency, a 5.9-magnitude earthquake struck approximately 118 kilometers northwest of the Tanimbar Islands in Maluku Province, Indonesia, at around 4:20 a.m. local time on February 7. The earthquake had a depth of 100 kilometers. There is no tsunami risk. No casualties have been reported.February 7th - In response to a new round of oil embargoes from the United States, the Cuban government announced it will take emergency measures to prioritize the needs of the people and production. Cuban Deputy Prime Minister and Minister of Foreign Trade and Investment, Pérez Oliva, announced a series of emergency measures aimed at ensuring the smooth operation of essential social services. These measures include: prioritizing fuel for basic public services and key economic activities, postponing non-essential activities; actively restoring fuel supplies, expanding domestic crude oil production, and accelerating the construction and commissioning of green energy projects; implementing fuel rationing and energy-saving measures; concentrating administrative work on Mondays through Thursdays; and ensuring fuel supplies for key sectors such as water supply, food production, healthcare, national defense, disaster warning, and foreign exchange earning industries.

Bidders assess bids valuing Toshiba at $22 billion or more - sources

Charlie Brooks

Jun 23, 2022 11:27


According to three sources cited by Reuters, bidders for Toshiba (OTC:TOSYY) Corp are considering offering up to 7,000 yen ($51.41) a share to take the struggling Japanese conglomerate private, valuing the deal at over $22 billion.


Toshiba, which is assessing its strategic options, stated this month that it has received eight initial takeover proposals and two capital partnership proposals that would allow it to remain publicly listed.


According to the sources, the bidders are currently exploring an offer price range of up to 7,000 yen per share with Toshiba's shareholders. This is a 27 percent premium over Toshiba's closing share price of 5,501 yen per share on Wednesday.


According to a third source, there is a vast selection of offers with several stipulations attached.


On Thursday morning in Tokyo, Toshiba shares climbed by 5.3%, outpacing the Nikkei average gain of 0.8%.


The chips-to-nuclear-reactors conglomerate would be valued at a maximum of 3 trillion yen ($22 billion) if the bid price is completed.


Toshiba notified Reuters that it would not disclose the specifics of its strategy.


KKR & Co (NYSE:KKR) Inc, Baring Private Equity Asia, Blackstone (NYSE:BX) Inc, Bain Capital, Brookfield Asset Management, MBK Partners, Apollo Global Management (NYSE:APO), and CVC Capital have reportedly submitted first bids.


They said that some of the bidders may form consortiums.


Bain, Blackstone, Brookfield, Baring, CVC, KKR, and MBK all refused to comment. Apollo did not immediately respond to a request for comment.


According to individuals who declined to be identified because they were not authorized to speak to the media, domestic funds, most notably Japan Investment Corp (JIC), and a number of significant stakeholders are examining their participation in the transaction.


JIC declined to comment.

WEAK YEN

If completed, the sale of Toshiba would be the largest in Japan since a consortium led by Bain sold Kioxia for $18 billion in 2018.


The conversations are taking place at a time when a weak yen continues to afflict the Japanese economy, endangering the business plans of Japanese firms and making them attractive takeover targets for foreign bidders.


On Wednesday morning, the yen reached a new 24-year low against the dollar, falling to 136.71.


According to two sources, of all the potential bidders, Bain has been the most "aggressive" in pursuing a purchase.


Even at 6,500 yen per share, a Japanese investment banker with knowledge of the transaction remarked that Toshiba's valuation was "very expensive."


Ultimately, he noted, the price must reflect how investors see Toshiba's 40 percent stake in unlisted chip producer Kioxia.


According to him, this gave Bain an advantage over other bidders because the private equity company possessed a majority stake in Kioxia, meaning it would influence the fate of the chipmaker, impacting Toshiba's value.


In April, after shareholders rejected a restructuring proposal backed by management, Toshiba, which has been beset by accounting and governance problems since 2015, appointed a special committee to find answers.


The company previously announced it will shortlist bidders for due diligence following its annual shareholders' meeting on June 28.

Suggestion