Toshiba backs Japanese group for memory business sale
The proposal with the Innovation Network Corporation includes Bain Capital and the Development Bank of Japan who are offering 2 trillion yen (£14.3bn, $16bn). THe consoritum also includes Hynix of South Korea. The deal is less than the 2.2 trillion yen offered by Broadcom with private equity partner Silver Lake. Contract manufacturer Foxconn also bid along with Apple and Dell.
In its statement Toshiba cites sensitive technology that has to stay in Japan as well as concerns over staffinf and closures for its choice.
Western Digital had a joint venture for NAND chip manufacturing and launched an injunction in the US six days ago.
The deal will be put to shareholders on June 28th with completion by March 2018.
Update: Western Digital has re-submitted its bid with private equity group KKR ahead of the shareholder deadline.