Toshiba’s Preferred Bidder Said Set to Miss Finance Deadline
- Group of banks not willing to issue loan letters before Nov. 7
- JIP group weighing bid at $16 billion valuation for Toshiba
Toshiba Corp. headquarters in Tokyo.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
A consortium considering a bid for Toshiba Corp. is poised to miss a Nov. 7 deadline to secure financing for what could be Asia’s biggest deal this year, according to people familiar with the matter.
Four banks including Sumitomo Mitsui Banking Corp. that were considering whether to issue commitment letters for loans to the consortium led by Japan Industrial Partners Inc. has decided not to proceed before the cutoff date set by Toshiba, the people said. The banks have not yet made a formal decision, one of the people said, asking not to be identified as the information is private.