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JIP-led group makes Toshiba bid

A consortium of investors led by private equity firm Japan Industrial Partners has made a bid to acquire Toshiba Corp after securing loan commitments of $10.6 billion to finance the deal, according to a report by Reuters.

A consortium of investors led by private equity firm Japan Industrial Partners (JIP) has made a bid to acquire Toshiba Corp after securing loan commitments of $10.6 billion to finance the deal, according to a report by Reuters.

Toshiba confirmed in a statement on Thursday that it had received a proposal from the investor group worth around JPY2 trillion ($15.22bn).

Major Japanese banks, including Sumitomo Mitsui Financial Group, have reportedly issued letters of commitment to provide 1.4 trillion yen ($10.6 billion) in loans to the group.

Toshiba said in a statement: “The company has received a proposal from the JIP consortium,” adding that it will assess the proposal, and “continue to act in the best interests” of shareholders and other stakeholders.

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