- Toshiba (OTCPK:TOSBF, OTCPK:TOSYY) issued a statement to Seeking Alpha regarding the chip right claims of Western Digital (NYSE:WDC).
- Statement: “Toshiba regrets that Western Digital persistently overstates its limited consent rights in public statements. As Toshiba has previously stated, the confidential agreements between SanDisk and Toshiba provide no reasonable basis for Western Digital’s assertions that it is entitled to prevent a sale of TMC. Toshiba is also disappointed by Western Digital’s misleading statements regarding the outcome of ongoing litigation between the two companies concerning SanDisk’s purported consent rights: the parties have merely agreed, before a single court, to provide notice when an agreement for the sale of TMC is signed—and prior to a related closing—for a limited period of time, until arbitration between the companies is underway.”
- Toshiba says it remains “fully committed” to completing the sale by March 2018 and “looks forward to a favorable resolution of SanDisk and Western Digital’s exaggerated claims in arbitration.
- Western Digital released its own statement after Toshiba appeared ready to select the Bain-led consortium as the chip unit winner.
- Western Digital shares are down 0.62%.
- Previously: Western Digital issues statement on Toshiba's chip unit bid selection (Sept. 13)
- Previously: Toshiba: WDC overstating its chip rights (Sept. 14)
- Now read: IBM (NYSE:IBM) Earnings Prediction: Disappointment Or Enjoyment?
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