Sunday, 16 December 2018
Latest news
Main » Japan government investors tell Toshiba of plan to join chip unit bidding

Japan government investors tell Toshiba of plan to join chip unit bidding

19 May 2017

The offer is seen at more than 1 trillion yen ($9 billion) - less than 2 trillion yen or more sought by Toshiba, which hopes to use the sale to fill the financial hole left by massive losses on USA nuclear operations. A preferred bidder is expected to be announced in June.

INCJ has been considering a partial exit of its Renesas stake for a couple of years, but funding would be timely as bidders compete over a unit that Toshiba values at ¥2T (about $18B).

Bain Capital is expected to sound out the government-backed fund Innovation Network Corp. of Japan about joining as a small shareholder.

Apart from the consortium led by Bain Capital, there are two other strong consortiums led by the United States chipmaker Broadcom and the U.S. private equity firm KKR.

Car mows down Times Square pedestrians for blocks, killing 1
The crash happened midday on a hot, clear day that brought large crowds of people into the streets to enjoy the good weather. A police source told InsideEdition.com that the NYPD requested the bomb squad to sweep under the vehicle as a precaution.

The government has made clear that it is prepared to block any sale that could see highly valued chip technology leave the country and the participation of government-backed investors is seen as a key stamp of approval. A spokeswoman for KKR and a spokesman for Broadcom also declined to comment.

But INCJ officials are cautious about making a large-scale deal, sources familiar with the matter have said, declining to be identified as they were not authorised to speak publicly about the matter.

US private-equity firm Bain Capital will tender a bid for Toshiba's memory chip unit that would leave a substantial stake in the conglomerate's hands, it was learned Thursday.

A Hong Kong-based representative for Bain declined to comment.

UK's Conservatives to support shale energy, cap household energy tariffs
The value of the pound has tumbled since Britons voted to leave the bloc, pushing costs up and driving inflation past wage growth. May rejected suggestions there is a distinctive vision that could be labeled "Mayism". "There is good solid Conservatism".

May 19 South Korea's SK Hynix Inc said on Friday it will submit a final bid for Toshiba Corp's memory chip business as part of a consortium.

USA chipmaker Broadcom and Silver Lake did not immediately rely to requests for comment outside of regular US business hours. According to the Nihon Keizai Shimbun, a consortium led by Bain and SK Hynix has offered a management buyout deal where a special goal company (SPC) would buy 51 percent or more in the memory division, leaving the rest with the company and Toshiba Holdings. Broadcom and KKR reportedly offered 2.2 trillion yen and 1.8 trillion yen, respectively.

Toshiba is also open to entertaining new bids after the second round closes, a person with knowledge of the matter has said.

Alan Pardew sends message to Tottenham about Chelsea
Zamora took to twitter to praise West Ham's performance, singling out their captain Noble for his performance. A second win in their last 11 games secured their top-flight status for another year. "We deserved to win.

Japan government investors tell Toshiba of plan to join chip unit bidding