Japanese consortium submits 2.2 trln yen Toshiba bid, Nikkei reports

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The consortium, including Chubu Electric Power Co Inc and Orix (NYSE:IX) Corp, appears not to have obtained commitment letters from banks but is aiming to complete the lending deal by end-November if Toshiba accepts the bid to go private, Nikkei said.

Japanese companies in the consortium will spend about 1 trillion yen, while multiple overseas funds decided not to join the bid due to expectations for low returns, the newspaper added.

When asked for a comment on the report, a Toshiba representative said the company “cannot answer information about candidates, including co-investors, as it may undermine fair process”.

($1 = 146.5400 yen)