Takeover: Sharp, Foxconn to sign deal next week
The deal would be the largest acquisition by a foreign company in Japan’s insular technology sector
TOKYO:
Sharp Corporation and Taiwan’s Foxconn are set to sign a takeover deal next week after repeated delays, with the two sides set to agree on a smaller bailout than originally planned for the troubled Japanese electronics maker. The two companies will hold board meetings on Wednesday to approve the deal and officially sign it the following day, said sources. Foxconn, formally known as Hon Hai Precision Industry Company is set to cut its earlier 489 billion yen ($4.3 billion) offer for newly issued Sharp shares by about 100 billion yen. The companies had come close to signing a deal last month but Foxconn hit the pause button following revelations of previously undisclosed liabilities at the Japanese company. The deal would be the largest acquisition by a foreign company in Japan’s insular technology sector.
Published in The Express Tribune, March 27th, 2016.
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