Canon closes in on Toshiba’s medical unit after bidding war

A bidding war that included many of Japan’s top imaging companies ended with Canon Inc. winning the exclusive negotiating rights for Toshiba Corp.’s medical equipment division.

Canon and Toshiba declined to disclose the amount of the offer, but Japanese sources said Canon’s bid topped $6.2 billion, according to Reuters.

Toshiba Medical Systems Corp. was placed on the auction block to help fund the parent company’s restructuring efforts as it recovers from a $1.3 billion accounting scandal.

Other Japanese camera makers seeking to expand into medical products and services submitted offers. Bidders in the second round included Fujifilm Holdings Corp. and a combined effort from Konica Minolta Inc. and European equity firm Permira.

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