Sale of Toshiba Memory Corporation Approved by Toshiba's Shareholders

[btarunr]

Toshiba Corporation today held an extraordinary shareholders' meeting where Toshiba's shareholders approved the Share Purchase Agreement (SPA) previously entered into with K.K. Pangea (Pangea), a special purpose acquisition company formed by the consortium led by Bain Capital Private Equity, LP (including affiliates of Bain), for the sale of all shares of Toshiba's wholly-owned subsidiary Toshiba Memory Corporation (TMC).

SanDisk LLC, a wholly owned subsidiary of Western Digital Corporation, and certain of its subsidiaries have filed for arbitration before the International Chamber of Commerce (ICC) International Court of Arbitration regarding the sale. Despite SanDisk and Western Digital's opposition, Toshiba remains fully determined to resolving the issue through the arbitration process, and looks forward to receiving the arbitrators' decision.

Since signing of the SPA on September 28, 2017, Toshiba and Pangea have been jointly working towards the closing of the transaction by the end of March 2018. Today's approval of the SPA by Toshiba's shareholders is an important step towards closing.

View at TechPowerUp Main Site

 

[Prima.Vera]

Poor Japan. Slowly but surely is going to loose all it's high tech industry to Koreans, Taiwanese and Chinese companies...

 

[Fourstaff]

Poor Japan. Slowly but surely is going to loose all it's high tech industry to Koreans, Taiwanese and Chinese companies...

Capitalism is known to be ruthless. Japan still have a lot of high tech stuff though, like camera sensors.

 

[ssdpro]

Poor Japan. Slowly but surely is going to loose all it's high tech industry to Koreans, Taiwanese and Chinese companies...

Poor Japan? This deal for Toshiba was a total coup. Toshiba is keeping 40% of the memory production and Hoya (Japan) is taking 10.1%. That keeps the unit 50.1 in Japanese control. The Bain group Pangea is taking 49.9. Yeah, Toshiba loses a huge hunk of a profitable unit but we get to keep chip competition instead of a big rollup into another company.

source: https://www.bloomberg.com/gadfly/articles/2017-09-29/toshiba-s-chip-trick

 

[Prima.Vera]

Aye, but that's for now. What happens if Hoya, for example, sells 1% to...whatever non-Japanese Corp

 

[StrayKAT]

Poor Japan. Slowly but surely is going to loose all it's high tech industry to Koreans, Taiwanese and Chinese companies...

It's kind of scary where they might be heading. Japan can't afford to be another tech wasteland like the US. This is mostly what they have. I mean, the US can barely afford to do it either, for that matter.

 

[R-T-B]

It's kind of scary where they might be heading. Japan can't afford to be another tech wasteland like the US. This is mostly what they have. I mean, the US can barely afford to do it either, for that matter.

US is a tech wasteland?

 

[StrayKAT]

US is a tech wasteland?

It's got a lot of brands, but manufacturing is a pale shadow of what it once was. That's been on decline for 20 years, but it seems 2008 forced a lot of downsizing. Some companies may exist in some form, but we don't really hear about them. Or they do specialized work, I guess. Motorola was never big in the home computing space like Intel, but they once dominated other appliances (like game consoles)... and they still had a fighting chance with computers (Macs/Powermacs, Amigas, etc). There were also other RISC platforms common in the 90s (all of the UNIX shit). They are all dead except IBM Power (and I don't know who uses that). AMD is fabless, but used to operate up the road from here in Austin (still in Austin, but not doing that). What's really left? Intel and Micron (and I'm guessing HDD manufacturers? Not even sure of that). All of the smallish brands are essentially Taiwanese.

 

[R-T-B]

It's got a lot of brands, but manufacturing is a pale shadow of what it once was.

Yes, but manufacturing is also not really where the money is anymore, frankly.