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Toshiba weighs up chip business offers
Thursday, August 31, 2017 - 01:14
Toshiba Corp has failed to seal a deal to sell its prized chip business by a self-imposed deadline of Thursday, raising doubts about whether it can plug a balance sheet hole in time to avoid a delisting and keep the chips unit competitive. Laura Frykberg reports.
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Toshiba has no shortage of suitors... For it's memory chip business.. But the Japanese conglomerate is still playing hard to get.. Discussing each proposal, with each of the three contenders... One of which - has come from a consortium led by Western Digital. For 17 billion dollars... A sticking point for that bid - the role Western Digital would have in Toshiba's future... The two currently run a joint venture. But time is running out... Toshiba needs to cover billions of dollars worth of losses... From its failed U.S. nuclear arm, Westinghouse. (SOUNDBITE) (English) INVESTMENT DIRECTOR AT FIDELITY INTERNATIONAL TOM STEVENSON SAYING: "It really needs to fill a hole in its balance sheet, if it's not going to announce negative net worth when it announces its full year figures next March, if it were to do that then there's a good chance that it would be delisted from the Tokyo Stock Exchange." Complicating this courtship... Bain Capital - leading one of the three offers, has resubmitted its tender... Bringing in tech heavyweight, Apple. That has the potential to be a game changer. Toshiba is looking to try and rival tech industry leader, Samsung.
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Toshiba weighs up chip business offers
Thursday, August 31, 2017 - 01:14
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