March 9, 2016
TOKYO March 9, 2016 – Toshiba Corporation (TOKYO: 6502) announced the Toshiba Rebuilding Initiative on December 21, 2015, which included the decision to invite a third party or parties to become the majority shareholder(s) in Toshiba Medical Systems Corporation (TMSC), in order to ensure future provision of sufficient support and resources for the Healthcare business to maximize value and realize its full potential, and to improve Toshiba's financial strength. Toshiba has subsequently carried out procedures toward the sale of TMSC, and, at the meeting of the board of directors held today, decided to grant exclusive rights to negotiate the acquisition of TMSC to Canon Inc.
Toshiba has carried out a close evaluation of the overall proposals received from companies that expressed an interest in acquiring TMSC, including their appraisal of TMSC's value and the feasibility of successfully completing the transaction, and determined that the proposal from Canon Inc. is superior to that of the other companies.
The effective period for the exclusive negotiating rights is to March 18, 2016. Toshiba will continue discussions with Canon Inc. during that period, toward reaching final agreement.
ABOUT TOSHIBA OF CANADA LIMITED, MEDICAL SYSTEMS DIVISION
With headquarters in Markham, Ontario, Toshiba of Canada Limited, Medical Systems Division (TCL), markets, sells, distributes and services radiology and cardiovascular systems, including CT, MR, ultrasound, X-ray and cardiovascular equipment, and coordinates clinical diagnostic imaging research for all modalities in Canada. For more information, visit the TCL Medical Systems Division website at www.toshiba-medical.ca
ABOUT TOSHIBA MEDICAL SYSTEMS CORPORATION
Toshiba Medical Systems Corporation is a leading worldwide provider of medical diagnostic imaging systems and comprehensive medical solutions, such as CT, X-ray and vascular, ultrasound, nuclear medicine and MRI systems, as well as information systems for medical institutions. Toshiba Medical Systems Corporation has been providing medical products for 100 years. Toshiba Medical Systems Corporation is a wholly owned subsidiary of Toshiba. Visit Toshiba Medical Systems Corporation's website at www.toshibamedicalsystems.com.