Toshiba's board has accepted a buyout offer from Japan Industrial Partners (JIP), a private equity firm, for $15.2 billion. This would take the company private and into domestic hands, resolving tension with overseas activist shareholders.

However, it is not yet clear if activist funds, which own about a quarter of the company, will be satisfied with the terms. If successful, the deal would be the third-largest M&A transaction globally this year. The consortium includes 20 Japanese firms, such as Orix Corp, Rohm Co, and Chubu Electric Power.

Toshiba has been hit by accounting scandals and heavy losses since 2015 and came close to being delisted. It also owns 40.6% of memory chip maker Kioxia Holdings. The fallout from the company's scandals led to the strategic review and the buyout proposal.

The JIP consortium submitted a binding buyout proposal last month backed by $10.6 billion in loan commitments from major banks. Toshiba shares have fallen 12% over the past year.