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Toshiba board to meet Wednesday, weigh offers for chip unit: source

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Reuters TOKYO
Last Updated : Jul 25 2017 | 8:23 PM IST

TOKYO (Reuters) - Toshiba Corp's board is set to meet on Wednesday to weigh three offers for its chip unit, including bids from Western Digital and Taiwan's Foxconn in addition to one by a consortium which was previously a clear favourite, a source familiar with the matter said.

Toshiba is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse.

But it has struggled to close a 2 trillion yen ($18 billion) deal with the group it previously chose as a preferred bidder, a consortium including Japanese-government backed funds, Bain Capital and South Korean chip maker SK Hynix.

($1 = 111.3700 yen)

(Reporting by Taro Fuse; Writing by Ritsuko Ando and Adrian Croft)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 25 2017 | 8:02 PM IST

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