Major Toshiba Corp shareholder 3D Investment Partners scaled back its stake the day before the Japanese conglomerate announced it had accepted a higher-priced takeover bid, a regulatory filing showed on Wednesday.
Singapore-based fund 3D Investment Partners Pte cut its stake in Toshiba to 4.90% from 7.20% on Wednesday of last week in an off-market transaction at 4,194 yen a share, the filing showed.
That represents a 9% discount to the 4,620 yen buyout offer the company last week said its board had accepted.
Before the transaction, 3D had been Toshiba’s second-largest shareholder.
Toshiba’s board accepted the $15.2 billion buyout offer from a group led by private equity firm Japan Industrial Partners, potentially drawing a line under years of upheaval at the company.
Toshiba shares finished up 1% at 4,422 on Wednesday.
Reuters