Major Toshiba shareholder 3D Investment Partners cut stake to 4.9% - filing

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.

Before the transaction, 3D had been Toshiba's second-largest shareholder.

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.

Toshiba shares finished up 1 per cent at 4,422 on Wednesday.