After almost a century and a half in business and 74 years as a public company, Toshiba was delisted on Wednesday by the Tokyo Stock Exchange — a warning to global investors, said one of its outgoing board members, of “what does and does not work in Japan”.
Toshiba’s departure from public markets is the result of the country’s biggest-ever leveraged buyout: a ￥2tn ($14bn) deal led by private equity group Japan Industrial Partners.
That deal followed eight years of turmoil that included an accounting fraud scandal, a financial crisis, an asset fire sale and a bitter war between management and activist shareholders.
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