Toshiba picks bid winner
- Autor:Ella Cai
- Zwolnij na:2017-06-21
Toshiba has decided on who should buy its chip business but the decision is being contested by losing bidder Western Digital.
The successful bid is by the consortium of two government bail-out funds – the Innovation Network Corp of Japan (INCJ) and the Development Bank of Japan (DBJ) – plus Bain, the US private equity company.
Hynix is involved in the consortium as a provider of loans but will have no operational involvement with Toshiba. Mitsubishi Financial Group is also talking to the consortium about providing finance.
“Toshiba has determined that the consortium has presented the best proposal, not only in terms of valuation, but also in respect to certainty of closing, retention of employees, and maintenance of sensitive technology within Japan,” says Toshiba.
Western Digital said: “SanDisk has not given its consent to any transaction, and will continue to protect its JV interests and preserve its rights through both its request for injunctive relief and the arbitration process.”
SanDisk, which was bought by Western Digital last year, has a jv NAND fab with Toshiba.
Toshiba intends to seal the deal by June 28th and close the transaction by March 2018 “upon clearance of all the required processes, including competition law approvals in key jurisdictions.”
The losing bidders are Hon Hai, Western Digital, Hynix and Broadcom.
The successful bid is by the consortium of two government bail-out funds – the Innovation Network Corp of Japan (INCJ) and the Development Bank of Japan (DBJ) – plus Bain, the US private equity company.
Hynix is involved in the consortium as a provider of loans but will have no operational involvement with Toshiba. Mitsubishi Financial Group is also talking to the consortium about providing finance.
“Toshiba has determined that the consortium has presented the best proposal, not only in terms of valuation, but also in respect to certainty of closing, retention of employees, and maintenance of sensitive technology within Japan,” says Toshiba.
Western Digital said: “SanDisk has not given its consent to any transaction, and will continue to protect its JV interests and preserve its rights through both its request for injunctive relief and the arbitration process.”
SanDisk, which was bought by Western Digital last year, has a jv NAND fab with Toshiba.
Toshiba intends to seal the deal by June 28th and close the transaction by March 2018 “upon clearance of all the required processes, including competition law approvals in key jurisdictions.”
The losing bidders are Hon Hai, Western Digital, Hynix and Broadcom.
