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