Toshiba Shares Gain On Reports Of Potential $19B Takeover Bid

A domestic investor-led group was looking at a $19 billion bid for Toshiba Corp TOSYY - a potential deal that would likely lead to foreign activist shareholders being bought out after years of tension.
Toshiba and activist shareholders have been at odds over the company's direction, with several large foreign funds pushing the conglomerate to consider private equity bids.
A consortium led by private equity firm Japan Industrial Partners has been a preferred bidder, Reuters reported citing a source familiar with the matter.
ORIX Corporation IX and Chubu Electric Power Co are also considering joining, said another source familiar with the matter.
The bid figure of 2.8 trillion yen cited by the Kyodo news agency represents a premium of 26% to Wednesday's closing price.
Toshiba shares were up 7% in afternoon trade, on track for their biggest one-day gain in more than a year. They have risen about 17% this year.
"It looks like people bought into the idea that there won't be more bad news," said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management.
It was not immediately clear how many bids Toshiba was seriously considering. But the takeover contest is probably still an open race between Japan Industrial Partners and state-backed Japan Investment Corp, said Travis Lundy, a Quiddity Advisors analyst.