“Toshiba Corp. decided Wednesday to sell its chip business to a group that includes Apple Inc. and Dell Technologies Inc., a person familiar with the matter said, although the parties have yet to reach a final agreement and opposition to the deal remains,” Takashi Mochizuki reports for The Wall Street Journal. “The bidding group is led by U.S. private-equity firm Bain Capital.”
“People familiar with the talks have said the Bain group has proposed paying more than ¥2 trillion ($18 billion) for the Toshiba unit, which makes NAND flash memory chips.,” Mochizuki reports. “Western Digital, which is Toshiba’s partner in the flash-memory business, has said it has the right to block any sale of the business, and it criticized Toshiba’s decision to sign the Sept. 13 memorandum of understanding with the Bain group. Toshiba says Western Digital doesn’t have a right of refusal, and the two sides are headed for international arbitration.”
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MacDailyNews Take: The saga continues.
What’s potentially Apple’s largest deal ever will take a bit longer to get done.
If Bain Capital bid for Toshiba succeeds, it could be Apple’s largest deal ever – September 14, 2017
Apple mounts a full-court press for Toshiba’s chip business, waging battle with Western Digital – September 8, 2017
Foxconn details plan to acquire Toshiba chips unit; Apple would own 20 percent – September 7, 2017
Bain Capital brings in Apple for last-minute $18 billion bid for Toshiba chip unit – August 30, 2017
Apple and Amazon to back Foxconn on Toshiba chip bid, Hon Hai Chairman Terry Gou says – June 5, 2017
Apple may bid for big stake in Toshiba – April 17, 2017
U.S. suitors get major advantage as Japan to vet bidders in Toshiba chip sale over national security risks – March 10, 2017