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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.
SNDK 238.79+2.6%1:16 PM EST
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To: SiliconAlley who wrote (2337)9/20/2017 10:08:07 AM
From: Unwelcomeguest  Read Replies (1) of 4836
 
To your point, a correction was issued to the Rueter's article. Received in my eTrade account at 9:45 EDT (my bolding):

CORRECTED-Toshiba says seals $18 bln deal to sell chip unit to Bain Capital group

9:44 AM ET 9/20/17 | Reuters
CORRECTED-Toshiba says seals $18 bln deal to sell chip unit to Bain Capital group(Corrects to show the board decided to sign a contract, not that it had been signed)

TOKYO, Sept 20 (Reuters) - Japan's Toshiba Corp said on Wednesday it has agreed to sell its prized semiconductor business to a group led by U.S. private equity firm Bain Capital LP, a key step in keeping the struggling Japanese conglomerate listed on the Tokyo exchange.

Toshiba said in a nighttime announcement through the exchange its board decided to sign a contract for the deal worth about 2 trillion yen ($18 billion), the latest and perhaps final twist in a deal that only hours earlier had seen the company leading toward an agreement with its U.S. joint venture partner Western Digital Corp.

The decision to sell the world's No. 2 producer of NAND memory chips, first reported by Reuters on Wednesday, was made at a board meeting earlier in the day.

Toshiba said the agreement assumed the deal would weather legal challenges raised by Western Digital. A Western Digital spokeswoman said the company did not have an immediate comment. ($1 = 111.2900 yen) (Reporting by Makiko Yamazaki; Editing by William Mallard)

UWG
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