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Thursday, September 07, 2017
Foxconn, Apple, and SoftBank Pursue Acquisition of Toshiba Memory Unit


Foxconn Technology Group is interested in acquiring Toshiba's memory chips unit and has outlined its offer, supported by Apple, Softbank, Kingston Technology and Sharp.

Toshiba struggles to complete the sale and avoid having its shares delisted from the Tokyo Stock Exchange.

Foxconn has broad support for its offer from Apple, SoftBank Group Corp. and Sharp and is ready to proceed right away, Louis Woo, a spokesman for the company, told Bloomberg. Woo declined to name how much his company offers to Toshiba, but previous reports said Foxconn's consortium was bidding more than the two rival groups led by KKR & Co. and Bain Capital.

Woo said that the proposed ownership to make the case it is not a Chinese or even Taiwanese bid. Foxconn would hold 25 percent of the equity, Apple 20 percent, Kingston Technology Co. 20 percent, Sharp 15 percent, SoftBank 10 percent and Toshiba would keep 10 percent, he said.

Woo added that his consortium means would provide steady funds to Toshiba to advance their R&D. "At the same time, it's a guarantee there will be more customers lining up to buy their products when they increase their capacity or have better products," he added.

Toshiba is still negotiating with three groups in the auction of its most valuable business, after failing to secure a final deal with the preferred bidder it selected in June. The effort has been hampered by political opposition and litigation from partner Western Digital. Japanese government officials have opposed selling the chips unit to Foxconn because of its close ties to China.



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