August 31, 2017 / 3:59 AM / 3 years ago

Toshiba misses own deadline for chip unit deal, continues talks with three suitors

FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo

TOKYO (Reuters) - Japan’s embattled Toshiba Corp said it would continue negotiating with three bidding groups for its prized memory chip unit, failing to seal a deal by its self-imposed deadline of Thursday.

Toshiba’s board met earlier in the day to review a $17 billion offer by a consortium led by Western Digital, as well as bids from groups led by Bain Capital and by Hon Hai Precision Industry.

“Toshiba intends to continue negotiations with possible bidders to reach definitive agreement which meets Toshiba’s objectives at the earliest date,” it said in a statement.

Reporting by Makiko Yamazaki; Editing by Edwina Gibbs

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