Japanese chipmaker Rohm said on Tuesday it will invest 100 billion yen ($722 million) in a fund backed by Japan Industrial Partners (JIP), which is launching a tender offer for Toshiba Corp.
Rohm also plans to underwrite 200 billion yen of non-voting preferred stock issued by TBJ Holdings, which will be set up by Japan Industrial Partners for the tender offer for Toshiba.
The purpose of the investment is to “participate in the privatisation of Toshiba and help to resolve their issues”, Rohm said in a statement.
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The tender offer would put the electronics-to-power stations maker in domestic hands after years of battles with overseas shareholders.
“Toshiba’s semiconductor business is highly compatible with the company,” Rohm said in a statement. Both Toshiba and Rohm produce power chips.
There is no agreement to participate in the management of Toshiba but Rohm would be open to partnership with the conglomerate in the future, it said.
Source: Reuters
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