- Toshiba’s (OTCPK:TOSBF, OTCPK:TOSYY) lead chip unit bidder wants the company to sort out its legal battle with Western Digital (NYSE:WDC) before the sale, according to Reuters.
- The consortium led by Japanese state-backed fund Innovation Network Corp of Japan includes U.S. private equity firm Bain Capital and South Korean chipmaker SK Hynix and is expected to offer at least $18B for the unit.
- Western Digital has fought against Toshiba selling the unit to an outside party, claiming contractual consent rights due to a stake acquired through the SanDisk acquisition last year.
- Toshiba has denied Western Digital has the right to approve a sale and has also turned down Western as a potential buyer for the unit.
- Toshiba had hoped to choose the winning bidder by June 15, but that date has now pushed back to the annual shareholder’s meeting on June 28.
- Previously: Toshiba low on chip supplies; chip unit sale pushed to June 28 (June 16)
- Now read: The Perfect Portfolio: Creating A Watch List For 2017 Purchases!
Original article