Toshiba picked a group led by Bain Capital and Japanese investors as the preferred bidders for its memory chip business, bringing much needed cash into the Japanese company to make up for losses in its nuclear operations.
The parties are aiming to reach final agreement by June 28 and close the transaction by March, Toshiba said in a statement Wednesday. The consortium has indicated that it’s willing to pay 2.1 trillion yen (US$19 billion) for the semiconductor unit, people with knowledge of the matter have said.
“Toshiba has determined that the consortium has presented the best proposal, not only in terms of valuation, but also in respect to certainty of closing, retention of employees and maintenance of sensitive technology in Japan,” the company said in the statement.
Toshiba shares fell 1.3 percent as of 12:57 pm Wednesday in Tokyo. Toshiba is up about 15 percent so far this year.
Full Content: Bloomberg
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