Toshiba swings again, chooses Bain group to buy chip unit

The Bain consortium includes backing from Japanese and overseas companies including Toshiba. Apple Dell SK Hynix and

Why is the company's chip division so valuable?

Western Digital has also sued in court and filed for arbitration in California to make its case. The seller has sued Western Digital for $1 billion for its interference, and the battle is yet unresolved.

However, the parties have not yet reached a definitive agreement and opposition to the deal remains, according to the report citing a person familiar with the matter. If not, however, Toshiba will hold on to three joint ventures it has with WD and revise Bain's purchase price accordingly. The transaction includes Toshiba's $3.1 billion investment in the unit, as well as stakes from Apple Inc. -South Korean consortium led by US private equity fund Bain Capital, informed sources said. Western Digital had originally been part of the KKR group, but agreed to withdraw because of opposition from Toshiba.

Media reports circulated that, under the new proposal, Bain had partnered with SK Hynix and brought in US tech firms such as Apple and Dell, who are both buyers of Toshiba chips, to bolster the offer that is reportedly worth some $22 billion U.S.

Iran says Israel behind Iraqi Kurds independence vote
Commissioning of the pipeline and first domestic supplies are planned for 2019, with exports to follow in 2020. Meanwhile Turkey fears the vote could stoke separatist aspirations among its own sizable Kurdish minority.

The decision was made by Toshiba's board and will be announced later on Wednesday, two sources said. The special objective entity making the acquisition will be called Pangea and receive about 600 billion yen in loans, the person said.

The auction has gone through dizzying twists and turns.

Following the signing of a memorandum of understanding on 13 September, Toshiba has apparently concluded a deal to sell its semiconductor business to Bain Capital for $18billion. But the MOU didn't preclude Toshiba from continuing to negotiate with other bidders. A month later, the American hard-drive manufacturer formed its own consortium that consisted of American private-equity firm Kohlberg Kravis Roberts, the Development Bank of Japan and Innovation Network Corp. and entered into negotiations by offering 2 trillion yen.

While $18 billion is a lot, tech manufacturing giant Foxconn was reportedly offering as much as $28 billion with the support of heavyweights like Amazon and Apple.

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