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Tuesday, June 27, 2017
Western Digital Resubmits Bid for Toshiba Chip Unit


Western Digital said it and U.S. private equity firm KKR & Co LP have resubmitted a bid for Toshiba's flash memory chip unit, as the U.S. company is trying to prevent Toshiba signing a deal with its previously announced preferred bidder.

Western Digital, which jointly runs Toshiba's main semiconductor plant, has been objecting the sale of the world's No. 2 producer of NAND chips and has sought a U.S. court injunction to prevent any deal that does not have its consent.

Toshiba is seeking to sign a definitive agreement with a group led by the Japanese government and including Bain Capital which has offered around 2 trillion yen ($18 billion) - by Wednesday, the day of its annual shareholders meeting.

Western Digital will provide debt financing to facilitate a sale as part of the bid, the U.S. firm said in a statement.

Toshiba's board members are expected to gather and discuss whether to sign off on the Japanese government-led consortium's bid on Tuesday.



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