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Toshiba in turmoil

Toshiba says shareholders positive about JIP buyout proposal

Japanese consortium is set to make a tender offer by end of July

Toshiba's board in March stopped short of recommending shareholders accept the buyout proposal by a Japan Industrial Partners-led consortium. (Photo by Tsuyoshi Tamehiro)

TOKYO -- Toshiba said on Friday that shareholders are responding positively to a buyout proposal by a Japan Industrial Partners-led consortium, suggesting that a two-year-long saga over the privatization of the company may finally come to a conclusion.

In an earnings call, Toshiba Chief Financial Officer Masayoshi Hirata suggested that accepting the group's proposal would be the only realistic option for the company -- and shareholders, including activists. He stressed there is no other offer on the table right now. Toshiba's board includes members recommended by activists. 

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