Toshiba Corp. said it now expects its $15 billion buyout offer by a group led by Japan Industrial Partners Inc. to begin in August instead of this month as it awaits regulatory approval.
The tender offer for the troubled Japanese conglomerate will start as soon as the relevant procedures under foreign competition and foreign direct investment laws are cleared, Toshiba said in a statement Friday.
The Tokyo-based firm sees the take-private bid as a chance to recover from years of scandals, management overhauls, losses in its nuclear power operations and the sale of its prized memory-chip business.
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