Canon announces corporate name change of Toshiba Medical Systems Corporation to Canon Medical Systems Corporation
Canon said today it is changing the name of its acquired Toshiba Medical Systems to Canon Medical Systems, bringing it in line with the rest of the company.
The Tokyo-based company said the name change came after a year long process of obtaining regulatory approval for the newly purchased subsidiary, and that as the procedures were not completed the name change would go into effect today, according to a press release.
Last July, the company saw shares tumble after European regulators said they might fine it up to 10% of annual revenue for prematurely proceeding on its acquisition of Toshiba Medical.
The European Union Commission said it had reached a preliminary view that Canon breached rules by using a so-called "warehousing" two-step transaction structure involving an interim buyer to buy the company prior to obtaining relevant approvals.
The $6 billion deal, completed in late 2016, raised eyebrows at the time due to the unorthodox method which allowed Toshiba, which was struggling for cash after an accounting scandal, to book proceeds in time for the financial year-end in March.
At the time, rival bidder Fujifilm Holdings (TSE:4901) criticized the deal as a "mockery of the law."