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Sharp says still in talks on completing Foxconn deal

2016-03-28 10:31:00| Telecompaper Headlines

(Telecompaper) Sharp said it's still in talks with Hon Hai Precision Industry on their earlier announced partnership, including a capital injection from the Taiwanese manufacturer. Sharp said the companies aim to reach a "satisfactory agreement as soon as practically possible" but had nothing further to add in response to the latest press reports. Hon Hai said earlier that it would hold a board meeting 30 March as scheduled, but whether the board would discuss the Sharp deal would depend on the progress in the negotiations. Sources familiar with the matter told Bloomberg that Sharp's banks are willing to push back the deadline of 31 March for some of the company's loans coming due. They could give the companies another month to negotiate the deal, the report said.

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Sharp - gets more time to negotiate Foxconn offer'

2016-03-26 23:28:29| Electronics - Topix.net

Sharp Corporation's banks are ready to push back the deadline for most of the company's 510 billion yen in loans and credit lines beyond March 31, people with knowledge of the matter said, giving the electronics maker more time to reach a renegotiated deal to be acquired by Foxconn Technology Group. The extension may be as long as a month, said the people, who asked not to be identified as the decision has not been publicly announced.

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Sharp falls as Foxconn deal drags on

2016-03-22 02:34:21| BBC News | Business | UK Edition

Shares of Japanese electronics firm Sharp fall by as much as 5% on concerns a delayed takeover deal with Taiwan's Foxconn may fall apart.

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Sharp agrees to Foxconn takeover

2016-02-25 09:14:00| Telecompaper Headlines

(Telecompaper) Sharp has agreed to a takeover bid from Taiwan's Hon Hai Precision Industry. Hon Hai, better known as Foxconn, is expected to acquire a majority stake in Sharp by buying JPY 489 billion in new shares issued by the company. In addition, Hon Hai plans to purchase half of the shares held by Sharp's creditors for JPY 100 billion. Sharp chose Foxconn's takeover bid over support from the Innovation Network Corp of Japan, a state-backed fund. Sharp said the offer from Foxconn included a pledge to invest in expanding its LCD business, and the two also have complementary operations. In addition, Foxconn pledged to allow Sharp operational independence, including its brand, unified operations and R&D in Japan, and to maintain employment at the company. In return, Hon Hai will have a majority of seats on Sharp's board. Sharp said the agreement will allow it to realise the goals of its medium-term strategic plan, including necessary capital expenditure for growing its business and paying off debt.

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