Toshiba Reportedly Agrees To Sell Memory Chip Unit To Bain Group

Toshiba Reportedly Agrees To Sell Memory Chip Unit To Bain Group”

-South Korean consortium as a preferred bidder to buy its memory chip business unit.

California-based Western Digital made key concessions to assure Toshiba it wouldn't seek future control of the chip business, addressing antitrust concerns and turning the tide away from the bid led by USA private equity firm Bain Capital LP and SK Hynix Inc 000660.KS , said the sources, who asked not to be named as the discussions are private.

The Bain consortium includes backing from Apple Inc. and Dell Inc., people familiar with the matter have said. Toshiba's chose Bain over a group led by KKR & Co. and two state-backed funds, Innovation Network Corp. of Japan and Development Bank of Japan. Last week, Toshiba signed a memorandum of understanding with Bain, with the goal of reaching a final deal before the end of the month.

For SK hynix, the world's fifth NAND flash maker, the group's acquisition of the Toshiba unit is expected to help raise competitiveness of the chip business. But the MOU didn't preclude Toshiba from continuing to negotiate with other bidders.

The insider said the company is awaiting Toshiba's official announcement.

The Toshiba/Western Digital talks broke down again this time around limits to WDC's future stake in Toshiba Memory that Toshiba had demanded, according to the report. The total INCJ-KKR bid is about 1.9 trillion yen, they said, less than what the Bain group is offering. To complete the sale, Toshiba may have to overcome resistance from joint venture partner Western Digital Corp. But Western Digital agreed to withdraw from that consortium because of opposition from Toshiba, people familiar with the matter have said.

The memory business was spun off into a separate subsidiary back in April.

Like this



20 September 2017
Island School's Sullivan is National Merit Scholarship semifinalist
About 15,000 students are expected to move on to become National Merit Finalists, which should be announced in February. Time spent in the library is paying off for a Howell student who is in the running for a distinguished scholarship.

20 September 2017
Rio Ferdinand to become professional boxer
I have not been able to replace it. "When ya get ur licence back Tyson Fury?! ". "I'm doing this for many reasons". Rio Ferdinand will try to become a professional boxer.

20 September 2017
Florida tolls to resume Thursday after being suspended before Hurricane Irma
Rick Scott suspended tolls on Tuesday, Sept. 5 , to help facilitate Hurricane Irma evacuation and relief activities. After a suspension of 16 days, the return of tolls will happen at 12:01 Thursday morning.

20 September 2017
Gabriel Jesus in line for new Man City contract
The Citizens have made a blistering start to the season, and are now joint top of the league with fierce rivals Manchester United. GABRIEL JESUS is set for a bumper pay rise at Manchester City - only nine months after joining.

20 September 2017
Chrysler 300 Hellcat Coming Next Year
It's a Dodge Charger under its conservative smock, after all-and a Dodge Charger Hellcat is most certainly available today. SRT was to become a Dodge-only affair until the Jeep Grand Cherokee SRT sold in droves.

20 September 2017
MA sues Equifax for failing to protect state residents
Hawley said the investigation began shortly following Equifax's disclosure of the breach of consumer files earlier this summer. A data breach of the company has compromised the personal information of about 143 million Americans.

20 September 2017
Miami Dolphins, needing LB help, trade for Saints' Stephone Anthony
Backup Chase Allen started in place of Timmons against the Chargers in the Dolphins' 19-17 win at the StubHub Center. Rosenhaus said he expected to talk to the team on Monday, according to the Fort Lauderdale Sun Sentinel.

20 September 2017
John Kelly didn't seem to enjoy Trump's United Nations speech
President Donald Trump used variations of the word "sovereign" 21 times during Tuesday's speech to the U.N. His message was implicitly directed at North Korean leader Kim Jong Un, but also at the US and Trump.

20 September 2017
Sergio Perez stays at Force India for fifth season
Perez now sits seventh in the Drivers' Championship with 58 points, three points ahead of team-mate Ocon and 10 points behind Red Bull's Max Verstappen.

20 September 2017
House Speaker Joe Straus calls for removal of 'inaccurate' Confederate plaque
Dan Patrick didn't immediately respond to a request for comment on whether they think the plaque should be removed. Patrick also criticized the overnight removal of a Confederate monument at the University of Texas.