TOKYO : Major Toshiba Corp shareholder 3D Investment Partners scaled back its stake the day before the Japanese conglomerate announced it had accepted a higher priced takeover bid, a regulatory filing showed on Wednesday.
Singapore-based fund 3D Investment Partners Pte cut its stake in Toshiba to 4.90 per cent from 7.20 per cent on Wednesday of last week in an off-market transaction at 4,194 yen a share, the filing showed. That represents a 9 per cent discount to the 4,620 yen buyout offer the company last week said its board had accepted.Toshiba's board accepted the $15.2 billion buyout offer from a group led by private equity firm Japan Industrial Partners, potentially drawing a line under years of upheaval at the company.
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