Bloomberg News reports that the U.S. firm is arranging the $5.3bn private placement of new shares for loss-making Toshiba, which faces a March deadline from Tokyo’s exchange to reverse its negative equity or be delisted.
About 60 funds, including David Einhorn’s Greenlight Capital and Daniel Loeb’s Third Point, are planning to invest, Toshiba said in a statement on Sunday.
While Goldman Sachs’s fee as a percentage of the amount raised isn’t extraordinary - 3.3% compared with about 4% for the average initial public offering in Japan -- what’s unusual is that the firm is doing the deal on its own. In 10 other secondary share sales in Japan of at least this size over the past decade, a minimum of three banks split the fees, according to data compiled by Bloomberg.
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