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Toshiba in turmoil

Toshiba accepts $15bn buyout offer from Japanese consortium

Japan Industrial Partners-led bid marks 10% premium over stock's latest close

The acquisition of Toshiba is to be financed by investments from approximately 20 Japanese companies. (Photo by Takayuki Yao)

TOKYO -- Toshiba's board on Thursday voted in favor of a 2 trillion yen ($15.3 billion) buyout led by Japan Industrial Partners (JIP), setting the troubled industrial group on a path to go private if the bid succeeds.

The tender offer of 4,620 yen per share requires investors to tender at least two-thirds of outstanding shares to succeed. The Japanese blue chip would later delist from the Tokyo Stock Exchange.

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