Published: Wed, September 13, 2017
Markets | By Noel Gibbs

Toshiba to hold off deciding on buyer of chip unit again

Toshiba to hold off deciding on buyer of chip unit again

Reuters reports that Toshiba (OTCPK:TOSBF, OTCPK:TOSYY) denies yesterday's rumor that the company had selected Western Digital (NYSE:WDC) as the winning bidder for its chip unit.

Reuters is reporting that Toshiba now favors a group led by SK Hynix and Bain Capital Japan to buy its prized semiconductor business, after failing to bridge key gaps with Western Digital. -South Korean group had said that Bain Capital and other entities in the group would take over INCJ and DBJ's investment until the legal spat with Western Digital is resolved while raising the price tag for Toshiba Memory Corp to 2.4 trillion yen, becoming a strong contender.

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Toshiba is hoping to quickly sell the chip unit to cover up massive losses stemming from its now-bankrupt US nuclear unit.

Toshiba missed a self-imposed deadline to choose a buyer for its memory chip unit by the end of August, but noted that at the time that it remained in talks with three bidders for the about $18 billion business. After months of negotiations, legal battles and boardroom meetings, Toshiba has picked the United States company, according to Japanese news outlet Nikkan Kogyo. There are plenty of places on to research and find top stocks, but when you're looking to get a broader idea on top tech stocks, IBD's Tech Leaders feature is worth reviewing.

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Toshiba Corp. has once again chose to hold off on making a decision on the buyer of its chip unit at a board meeting as negotiations with a Western Digital Corp. -led group have stalled, sources close to the matter said Tuesday. Maxim Group increased their price target on shares of Western Digital Corporation from $104.00 to $108.00 and gave the stock a buy rating in a research report on Friday, April 28th.

The other group bidding for the unit is a consortium led by manufacturing giant Foxconn that includes Apple. Western Digital's thought to have since retracted part of its bid. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.42. It's now unclear how much involvement Western Digital desires to have in the business.

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