More news agencies with 'fake news'? Received in my eTrade account. Also, WDC is down in the PM almost $4. Also, now being reported by the WSJ.
Toshiba will tap Bain-Apple group in chip-business sale
7:03 AM ET 9/20/17 | MarketWatch
By Takashi Mochizuki
Final agreement yet to be reached and opposition to the deal remains
TOKYO--Toshiba Corp. decided Wednesday to sell its chip business to a group that includes Apple Inc. and Dell Technologies Inc., a person familiar with the matter said, although the parties have yet to reach a final agreement and opposition to the deal remains.
The bidding group(AAPL) (DVMT) is led by U.S. private-equity firm Bain Capital.
Toshiba(6502.TO) decided to cut off negotiations with the two other bidding groups, one that includes Western Digital Corp.(WDC) and the other represented by Taiwan's Foxconn Technology Group(2354.TW) , the person said.
Toshiba said Sept. 13 that it signed a nonbinding document with the Bain group with the intent of reaching a deal by the end of September. At that time, Toshiba had said it would continue discussions with the other two bidders.
People familiar with the talks have said the Bain group has proposed paying more than Yen2 trillion ($18 billion) for the Toshiba unit, which makes NAND flash memory chips.
An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/toshiba-decides-on-bain-apple-group-in-chip-business-sale-1505886346).
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-Takashi Mochizuki ; 415-439-6400; AskNewswires@dowjones.com
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Toshiba Picks Bain-Apple for Memory Chip Business Sale, Says WSJ -- Barron's Blog
2:14 AM ET 9/20/17 | Dow Jones
By Adam Routh
Toshiba ( 6502.JP) has decided to sell its NAND memory-chip manufacturing unit from a consortium including private-equity firm Bain Capital, technology giant Apple ( AAPL) and Dell Technologies, according to the Wall Street Journal .
However, the parties have not yet reached a definitive agreement and opposition to the deal remains, according to the report citing a person familiar with the matter.
The report went on to say that Toshiba had ceased talks with two rival bids, including one from its joint venture partner in the flash-memory business Western Digital ( WDC). The other bidder was Taiwan's Hon Hai Precision (Foxconn), but its bid faced an uphill battle as the Japanese government would prefer to choose a bidder with fewer ties to China.
Toshiba on September 13 signed a memorandum of understanding (MOU) with the Bain Capital-led consortium for the sale of its memory chip business. No other details were disclosed but reports put the sale price at USD18 billion.
In response to the MOU, Western Digital said it was surprised Toshiba would look to do a deal with Bain "without SanDisk's consent, as the language in the relevant JV agreements is unambiguous, and multiple courts have ruled in favor of protecting SanDisk's contractual rights."
Toshiba quickly hit back at it joint venture partner, saying that "Western Digitalpersistently overstates its limited consent rights in public statements."
Toshiba is selling its memory-chip division to help cover big losses at U.S. nuclear business Westinghouse, which filed for bankruptcy in March.
Shares in Toshiba are up just less than 1% at JPY315 a share in Wednesday afternoon trading. They have gained 12% year-to-date.
More at Barron's Asia Stocks to Watch blog, barrons.com
> Dow Jones Newswires
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Unfortunately, guys, I am starting to believe it this time. Not that that means anything....
UWG |
