Toshiba Buyout's Japan Industrial Partners-Led Bidder For May Miss Deadline To Secure Financing - Toshiba Corp (OTC:TOSBF), Toshiba (OTC:TOSYY)

Last week, a consortium led by Japan Industrial Partners Inc (JIP) explored a takeover of Toshiba Corp TOSBF TOSYY at a valuation of about ¥2.4 trillion ($16.1 billion).
The deal could be Asia’s biggest deal this year.
The consortium might miss the November 7 deadline to secure financing, Bloomberg reported citing people familiar with the matter.
Four banks, including Sumitomo Mitsui Banking Corp, were considering whether to issue loans to the consortium. They have decided not to proceed before the cutoff date set by Toshiba, the people said.
One of the people said that the banks have not yet made a formal decision as the potential bidding groups have not finalized details, such as deciding on the lineup of their equity partners.
JIP’s consortium is reportedly seeking about ¥1.4 trillion from banks.
The group continues to work on the takeover proposal, the people said.
Leading rival group Japan Investment Corp (JIC) received approval to increase the fund side to ¥900 billion from ¥200 billion
The increase came after JIC informed METI it would need to contribute at least ¥500 billion to a Toshiba takeover because of METI’s requirement that the investor contributes a minimum of 50% of the equity in the bid.