Foxconn Reportedly Ups Offer For Sharp
Foxconn has reportedly raised its offer for Sharp to 659 billion yen ($5.44 billion), a deal that would dilute existing stockholders. On the other hand, Innovation Network Corp of Japan (INCJ) says it has yet to decide on its potential rescue plan for the struggling Japanese company.
INCJ officials have been discussing a capital injection of more than 300 billion yen ($1.7 billion) into Sharp and up to 350 billion yen of financial assistance from the company's two main lenders.
Sharp is weighing INCJ's plan against the rival proposal from Foxconn, formally known as Hon Hai Precision Industry. The Wall Street Journal reported Foxconn had raised its offer to 659 billion yen from an earlier offer of around 625 billion.
Sharp declined to comment on the report.
Previously, the offer from the state-backed fund INCJ had been favored as the Japanese government would like to keep its technology in Japanese hands.
INCJ aims to merge Sharp's liquid-crystal display business with rival Japan Display Inc, in which the fund is the top shareholder. Japan Display and Sharp supply high-resolution smartphone screens to Apple. Both face stiff competition from Asian rivals such as LG Display.
Sharp is weighing INCJ's plan against the rival proposal from Foxconn, formally known as Hon Hai Precision Industry. The Wall Street Journal reported Foxconn had raised its offer to 659 billion yen from an earlier offer of around 625 billion.
Sharp declined to comment on the report.
Previously, the offer from the state-backed fund INCJ had been favored as the Japanese government would like to keep its technology in Japanese hands.
INCJ aims to merge Sharp's liquid-crystal display business with rival Japan Display Inc, in which the fund is the top shareholder. Japan Display and Sharp supply high-resolution smartphone screens to Apple. Both face stiff competition from Asian rivals such as LG Display.
