Western Digital Still Hopes to Block Toshiba Chip Sale

Toshiba_Promo

Toshiba_Promo

Toshiba will control 40.2 percent and Hoya Corp., a Japanese company, 9.9 percent.

Apple has not agreed terms for participating in the Bain Capital-led consortium to buy Toshiba's flash chip business, holding up the deal.

The board at South Korea's second-largest memory chip maker approved the decision on Wednesday.

While talks relating to consortium member Apple Inc's AAPL.O demands on chip supply have now been settled, the group still has to work out one snag that relates to financing in the event that legal risks materialize, one source with direct knowledge of the deal said. Apple, Kingston, Seagate and Dell will invest in the form of corporate bond-type preferred stocks.

Pressure from the Japanese government, changing alliances among suitors and a slew of revised bids has drawn out the auction over nine months - heightening the risk that the deal may not close before the end of Japan's financial year in March as regulatory reviews usually take at least six months.

Chaos as ALL flights at Sydney airport are GROUNDED
The airport's digital flight display includes a message reading "delayed to ATC radar failure", according to a Twitter image. Other recordings published by ABC feature controllers and pilots discussing the outage.

Meanwhile, Chey Tae-won, chairman of the SK Group, embarked on a business trip to Japan with Park Jung-ho, president of SK Telecom on the day.

It said the deal would go through regardless of the legal wrangling with Western Digital.

WD, a joint venture that runs a Toshiba semiconductor plant located in the city of Yokkaichi, Mie Prefecture of Japan with Toshiba, wanted to take over Toshiba Memory but failed and applied for an injunction against the sell-off of the semiconductor business to the worldwide court in May.

But as the legal process is likely to take more than two years, Western Digital has chose to seek an interim injunction that would temporarily halt the sale until a court decision is made.

Western Digital has initiated three arbitrations against Toshiba in the matter, most recently last week when it ask the International Chamber of Commerce arbitration court to block Toshiba Memory from going to alone in investing for new equipment for NAND fabs. Although is now strategically in the position to score the dale with Toshiba, it remains a mystery if the conglomerate will award the chip unit to the Bain-led group since there are other bidders at play.

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