“Sharp’s board on Thursday morning decided to accept a roughly 700 billion yen ($6.2 billion) takeover offer from Taiwan’s Hon Hai Precision Industry,” Nikkei reports.
Nikkei reports, “Details of the arrangement have yet to be announced.”
“Sharp had faced a choice between Hon Hai’s takeover bid and support from the Innovation Network Corp. of Japan, a state-backed fund,” Nikkei reports. “The fund offered Sharp a 300 billion yen injection as well as a 200 billion yen credit line.”
Read more in the full article here.
MacDailyNews Take: Good news for Sharp that was a long, long time coming.
UPDATE: Taiwan’s Foxconn has put its takeover of Japanese electronics maker Sharp on hold after becoming aware of previously undisclosed liabilities, two people with direct knowledge of the matter told Reuters on Thursday. More here.
Hopefully, for Sharp, this is just a temporary glitch.
Foxconn fast-tracks $5.5 billion Sharp takeover bid – February 4, 2016
State-backed Japanese fund in race with Foxconn to save Sharp – January 21, 2016
Hon Hai considering $1.7 billion stake in Sharp LCD business; to ask Apple to invest a ‘few hundred million’ – September 28, 2015
Hon Hai offers to buy Sharp’s LCD business, wants Apple funds – September 21, 2015
Apple suppliers Sharp, Foxconn in talks for LCD joint venture – August 24, 2015
Beleaguered Sharp’s problems present an opportunity for mighty Apple – May 15, 2015
Apple display supplier Sharp warns on ability to stay afloat after $1.9 billion loss – May 14, 2015
Apple iPhone display supplier Sharp boosts operating profit – August 1, 2014
Sharp dedicates entire LCD plant to Apple – June 30, 2014
Hon Hai in no hurry to finalize Sharp deal – June 26, 2013
Sharp to replace chairman, president after losses – May 14, 2013