‘2 govt-backed firms tell Toshiba of plan to buy stake’

New Straits Times - - Business -

TOKYO: Two gov­ern­ment-backed in­vestors have for­mally in­formed Toshiba Corp of their in­ten­tion to take part in bids for its prized flash mem­ory chip busi­ness, said sources fa­mil­iar with the mat­ter.

State-backed fund In­no­va­tion Net­work Corp of Ja­pan (INCJ) and De­vel­op­ment Bank of Ja­pan (DBJ) told the con­glom­er­ate of their in­ten­tion yes­ter­day, said the sources.

It was not clear whether INCJ and DBJ were work­ing to­gether.

Cri­sis-wracked Toshiba, which was de­pend­ing on the sale to cover a US$9 bil­lion (RM38.9 bil­lion) hole in its ac­counts due to prob­lems at now bank­rupt unit West­ing­house, was also open to en­ter­tain­ing new bids after the sec­ond round closed, said a per­son with knowl­edge of the mat­ter.

Mean­while, United States buy­out firm Bain Cap­i­tal LP planned to bid around US$13.5 bil­lion for a ma­jor­ity stake in Toshiba’s chip busi­ness, said peo­ple with knowl­edge of the mat­ter.

The bid will be made in part­ner­ship with South Korea’s SK Hynix Inc. Reuters

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