Toshiba eyes 'conditional' contract for chip unit

Jul 16, 2017 | News On Japan

Jul 16, 2017 (NHK) - Japan's Toshiba is planning to expedite a deal for its flash memory unit by adding a clause to the sales contract.

The struggling electronics firm has chosen a Japanese government-led consortium as its preferred bidder for the unit.

But Toshiba's US partner Western Digital says any deal without its consent is unacceptable.

Western Digital has filed a suit in the US seeking an injunction to block the sale. On Friday, the Superior Court of California held off on a decision.

Toshiba has little time, as it needs to complete the sale by the end of next March to rebuild its finances and avoid the delisting of its shares.

But a Japanese public-private fund that leads the consortium says its investment is conditional on Toshiba settling the dispute with its US partner.

Toshiba is now considering inserting a clause in the sales contract that would allow an extension of the deadline for a settlement until the end of the sale procedures.

Source: ANNnewsCH

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