Toshiba Falls on Report Preferred Bidder May Lower Valuation
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Toshiba Corp. dropped on a report that the company’s preferred bidder may lower its valuation for the iconic Japanese conglomerate.
Shares fell as much as 7.1% in Tokyo after the Nikkei newspaper reported late Saturday that a group led by Japan Industrial Partners Inc. is weighing an offer of about 2 trillion yen ($14.7 billion), down from the 2.2 trillion yen JIP had expected in early November. The Nikkei didn’t say where it got the information.