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 DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.