Sayonara, Toshiba Retires After 74 Years

<p>&nbsp;One of Japan's oldest and largest firms, Toshiba will withdraw from the stock market after 74 years after the purchase of a majority of its shares was completed.</p><p><br /></p><p>A consortium led by private equity firm Japan Industrial Partners Inc (JIP) has bought 78.65% of its shares.</p><p><br /></p><p>This allowed the group to complete a $14 billion or 2 trillion yen deal to take it personally.</p><p><br /></p><p>Under the agreement as well, Toshiba shares will be delisted from the stock market in about a month.</p><p><br /></p><p><br /></p><p>Toshiba shares began trading in May 1949 when the Tokyo Stock Exchange reopened as Japan recovered from the devastation of the Second World War (WW2).</p><p><br /></p><p>The company has been embroiled in a wide-ranging accounting scandal since 2015, in which it admitted to overstating its profits by more than $1 billion over six years and paid a fine of 7.37 billion yen ($47 million).</p><p><br /></p><p>Two years later, it revealed huge losses at US nuclear power business Westinghouse that forced it to sell its memory chip business in 2018 to avoid bankruptcy.</p><p><br /></p><p>The worsening crisis prompted him to consider JIP's offer to take the company private.</p>