Toshiba Drops After Report Bidder Submits $15.2 Billion Offer

Toshiba Corp. dropped after the Nikkei newspaper reported that a group led by Japan Industrial Partners Inc. submitted a final offer of about ¥2 trillion ($15.2 billion) to buy the iconic Japanese conglomerate.

Shares fell as much as 3.6% in early trading Thursday in Tokyo. Toshiba had a market value of about $15.3 billion as of Wednesday’s close.

Top Japanese banks were said to issue commitment letters for financing to back the JIP-led buyout, Bloomberg News reported earlier this week, citing people familiar with the matter.

Read: Toshiba Rises as Bidder Is Set to Win Bank Commitments for Loan

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