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On December, Toshiba will be taken off the Japanese market 20 following 74 years of chronicles

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    Japanese conglomerate Toshiba Corp. said Thursday it will be delisted from the Tokyo Stock Exchange on Dec. 20, ending its 74-year-long history as a public company, as it seeks to rebuild itself following a takeover bid.

    Last month, a 2 trillion yen ($13 billion) takeover bid for Toshiba by a consortium led by Japan Industrial Partners Inc. ended in success.

    Toshiba also said it will convene an extraordinary shareholders' meeting on Nov. 22 in Tokyo to discuss share consolidation and other agendas in a bid to squeeze out remaining shareholders.

    The JIP-led group, which consists of companies such as financial firm Orix Corp. and semiconductor company Rohm Co., has acquired a 78.65 percent stake in Toshiba through the tender offer.

    The bid was intended to allow Toshiba to sever ties with overseas activist shareholders, who it says were only seeking short-term returns.

    Toshiba, one of Japan's leading companies, was founded in 1875. It started as an electric appliance maker and gradually branched out into new business sectors such as infrastructure and renewable energy.

    Toshiba has been struggling to recover from a spate of problems that occurred in the 2010s, including a scandal related to overstating its profits in financial filings. It also incurred massive losses in its U.S. nuclear business during the same period.

    Related coverage:

    2 tril. yen Toshiba takeover bid succeeds, Japan investor group says

    JIP-led 2 tril. yen Toshiba buyout begins in bid to turn it around


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