SCANDAL-EMBATTLED Japanese electronics and technology manufacturer Toshiba has accepted a two trillion yen (US$15 billion) tender offer from Japan Industrial Partners, a buyout fund made up of major banks and companies.

If the proposal succeeds, it will be a major step in Toshiba’s yearslong turnaround effort, allowing it to go private and delist from the Tokyo Stock Exchange. But overseas activist investors own a significant part of Toshiba’s shares, and it’s unclear if they will be happy with the latest bid.

Tokyo-based Toshiba Corp. announced its board accepted the bid at 4,620 yen ($36) a share late Thursday, after trading closed in Tokyo. Toshiba closed at 4,213 yen ($32) a share Thursday, and gained 4.2% to 4,390 yen ($34) on Friday.

The move comes at a time of market jitters over ripple effects from the recent collapse of banks in the US.

The buyout would keep Toshiba’s business Japanese in an alliance with Japanese partners.

Japan Industrial Partners, set up in 2002 to restructure Japanese companies, lists big names among where it has invested, such as Sony, Hitachi, Olympus and NEC.

The consortium includes about 20 Japanese companies, such as Orix Corp., a financial services company, electronics manufacturer Rohm Co. and the megabanks, including Sumitomo Mitsui Banking Corp., according to Japanese media reports.

The deep troubles at Toshiba began with a sprawling accounting scandal in 2015, involving books being doctored for years. That added to its woes related to its nuclear energy business. (AP)