Toshiba favors Bain group for chip sale; Western Digital talks stall

One up The logo of Toshiba Corp is seen at an electronics store in Yokohama. The Bain Capital and SK Hynix group has raised its offer for Toshiba’s chip unit after Western Digital Corp had revised its offer. — Reuters

Toshiba favors Bain group for chip sale; Western Digital talks stall

Accern also assigned news headlines about the data storage provider an impact score of 49.3401813641925 out of 100, meaning that recent press coverage is somewhat unlikely to have an effect on the stock's share price in the next several days.

Toshiba's originally preferred bidders were funds backed by the Japanese government, SK Hynix and United States private equity firm Bain Capital LP.

Toshiba is desperate to sell the unit to cover billions of dollars in liabilities from its bankrupt US nuclear unit Westinghouse.

The enterprise SSD market will be led by Intel, Samsung and Western Digital/SanDisk targeting orders from internet giants such as Facebook, Amazon, Baidu, Alibaba and Google, the report said. The board had been seeking to decide on the preferred bidder on Wednesday, people involved in the talks previously told Reuters.

The Japanese conglomerate, which needs to sell the chip business to plug a huge hole in its finances, had been trying to seal a deal with its business partner Western Digital Corp, but failed to bridge key gaps, they said.

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The WDC-led bid group includes the Innovation Network Corporation of Japan (INCJ), the Development Bank of Japan (DBJ) and sundry Japanese companies, including, somewhat oddly, Toshiba itself.

On August 30th Patently Apple posted a report titled "Bain Capital along with Apple Offer Last-Ditch Bid for Toshiba's Memory Chip Business".

As reported at Reuters; A deal would mark an end to months of uncertainty for Toshiba, which is scrambling to sell its flash memory unit - the world's No. 2 producer of NAND chips - to cover billions in losses at its bankrupt USA nuclear business Westinghouse. Earlier this evening in Japan, news of what could be announced officially in the days to come is that the Bain bid with SK Hynix and Apple is going to be the victor for Toshiba's chip business.

The report further noted that "All three bidder groups have roped in major chip buyer Apple Inc to bolster their offers, sources have said".

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