Toshiba Picks Japan Industrial Partners Led Group As Preferred Bidder - Toshiba Corp (OTC:TOSBF), Chubu Electric Power Co (OTC:CHUEF), Toshiba Corp ADR (OTC:TOSYY), ORIX (NYSE:IX)

Toshiba Corp TOSBF (TOSYY) granted a Japan Industrial Partners Inc led consortium preferred bidder status for a buyout of the iconic Japanese firm.
Private equity firm JIP looked to acquire Toshiba in partnership with multiple domestic companies, including Orix Corp IX and Chubu Electric Power CHUEF, Bloomberg reports.
Toshiba considered that a sale to JIP would keep the company as one entity.
Other bidders remain interested in the assets.
Toshiba sought strategic proposals for its future, including potential buyout bids. It had targeted second-round offers by the end of September.
State-backed investment fund Japan Investment Corp is leading a rival group to JIP, with other investors like Bain Capital and MBK Partners in talks to be involved in its bid.
JIP will likely have a month to negotiate with Toshiba.
Until June, potential buyers were ready to cough up 7,000 yen ($51.41) per share, valuing Toshiba at $22 billion, representing a 27% premium.
Toshiba faced an operational crisis since 2015 when it disclosed accounting malpractice.
Price Action: TOSYY shares traded at $17.40 in the premarket on the last check Wednesday.