Japanese investment fund Japan Industrial Partners has gained a 78.65% stake in major Japanese conglomerate Toshiba through a tender offer process. JIP offered $14 billion to acquire Toshiba shares from other investors through a public tender offer that closed on September 20th. Through this tender offer process, JIP gained majority control of Toshiba by acquiring shares from a wide range of individual and institutional shareholders. The deal, led by JIP and including 20 Japanese companies, is set to be the largest M&A deal in Japan this year.