Toshiba not to cancel $18 billion memory chip deal, says CEO

Toshiba Corp will not use the option of cancelling the $18 billion sale of its memory chip unit unless there is any “major material change” in circumstances, the Japanese conglomerate's new chief executive said on Tuesday.
 
Toshiba was unable to complete the sale to a consortium led by US private equity firm Bain Capital LP by the agreed deadline of March 31 as it was still waiting for approval from China’s anti-monopoly regulator.
 
Under the agreement, Toshiba now has the option to cancel the sale without forfeit. Cancelling would give Toshiba the freedom to pursue alternative courses of