News Worms
News Worms


Apple holding up Toshiba memory sale

Apple holding up Toshiba memory sale

However, according to Reuters, the deal still has yet to be signed, although a spokesperson said that Toshiba meant to get it wrapped up "as soon as possible". The decision was officially approved at a board meeting held on the day.

The struggling Japanese conglomerate announced last Wednesday it had chosen a consortium led by USA private equity firm Bain Capital LP to buy the prized chip unit - a move that would end a nine-month sale process and plug a vast hole in Toshiba's finances, preventing it from being removed from trading on the Tokyo Stock Exchange.

Western Digital, which jointly invests in Toshiba's Yokkaichi flash memory plant in Mie Prefecture, filed a request for arbitration with the global court in May to block Toshiba from selling its chip unit on the grounds that the sale would breach their joint venture contract.

SK Hynix will invest a total of 4 trillion won (US$3.6 billion) in Toshiba Memory in Japan. SK Hynix is the world's second-largest DRAM maker, but has yet to stand out in NAND flashes and system semiconductors.

Western Digital Corp said on Tuesday it will seek an injunction to block the sale of Toshiba Corp's prized semiconductor business to a rival group, upping the ante in an acrimonious battle with its chip venture partner. It is noted that even if the deal gets done right away, regulatory reviews often take six months which doesn't leave a whole lot of breathing space before that March window slams shut. That arbitration request also seeks a ruling preventing Toshiba from transferring assets of the joint venture between the two companies without Western Digital's consent and interim injunctive relief presumably in the form of preventing sale of Toshiba Memory until the matter is resolved.

Toshiba will not be able to sell off its memory business until the International Arbitration Court comes to a conclusion about the arbitration lawsuit filed by WD in May of this year if and when the court rules in favor of WD's injunction against the sell-off. These banks have been pushing Toshiba to complete the deal as neither want the corporation to be delisted from the Tokyo Stock Exchange as a result of negative equity.

Toshiba, meanwhile, needs to get a deal moving and soon in order to rectify its financial situation following the embarrassing collapse of its Westinghouse nuclear subsidiary in the US.

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