Japan’s Toshiba delisted after 74 years following a decade of upheaval

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Toshiba, on Wednesday, was delisted after 74 years on the Tokyo Exchange, following a decade of upheaval and scandal that brought down one of Japan’s biggest brand and ushered a buyout in an uncertain future.

A private equity firm Japan Industrial Partners has acquired the conglomerate, that also includes financial services from Orix, utility Chubu Electric Power and chipmaker Rohm. It has been bought for ¥2 tn ($14 billion), which has marked it as the country’s biggest ever leveraged buyer.

The deal was brokered following an eight years of turmoil that included an accounting fraud scandal, an asset fire sale, a financial crisis, and a bitter war between management and activist shareholders.

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Over those years, Toshiba exhibited governance shortcomings and an institutional reluctance to act in the interests of shareholders, according to fund managers who held its stock during the period, bankers and lawyers who advised the company through its many trials, and former board members who are still restricted from speaking publicly.