Toshiba Falls After Report JIP-Led Group Submits $15 Billion Bid

Toshiba Corp. fell after the Nikkei reported that a consortium led by Japan Industrial Partners Inc. submitted a 2.2 trillion yen ($15 billion) offer for the Japanese conglomerate, a level in line with its market value.

Shares dropped as much as 2% in early Tokyo trading Tuesday even as the benchmark Topix index gained. The JIP-led group, the preferred bidder for Toshiba, will get around 1 trillion yen of the funds from Japanese firms, more than 10 of which have expressed an interest in participating in the buyout, the newspaper said. JIP itself will invest 100 billion yen, it said.