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Toshiba chip unit winner offers Western Digital a place at the table

Published 06/21/2017, 08:03 AM
© Reuters.  Toshiba chip unit winner offers Western Digital a place at the table
WDC
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  • The Japan-backed consortium Toshiba (OTCPK:TOSBF, OTCPK:TOSYY) selected as its chip unit winner has asked Western Digital (NYSE:WDC) to join, according to Reuters.
  • Western Digital has fought the potential $18B chip unit sale on contractual consent grounds and has tried to bid for the unit on its own. The consortium told Toshiba the chip unit sale couldn’t complete until the legal troubles with Western Digital were settled.
  • When Toshiba announced the winning bid this morning, Western Digital expressed its disapproval and planned to continue the legal battle with the next step a hearing on July 14.
  • The consortium offer could stop the legal proceedings and make way for the chip unit sale.
  • Western Digital shares are down 1.28% premarket.
  • Previously: Toshiba picks preferred chip bidder (June 21)
  • Now read: Wall Street Breakfast: Look Out Below! Oil Is Growling


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