Toshiba receives $17.9 billion offer for its chip unit

Toshiba receives $17.9 billion offer for its chip unit

Toshiba receives $17.9 billion offer for its chip unit

As the price of flash memory units remain high, Apple will benefit from having the manufacturing conducted in-house.

Shares in Toshiba have taken another tumble on Monday after it was revealed that it was likely to postpone its quarterly report for a third time after auditors at PricewaterhouseCoopers Aarata raised more questions about the year's earnings.

Currently, there are 10 bidders including the world's third largest NAND flash maker Western Digital, Korean chipmaker SK hynix, Taiwanese tech firm Hon Hai and USA chipmaker Broadcom.

Some 10 foreign companies and funds, including Google and Amazon, tendered bids, the mass-circulation Yomiuri Shimbun said, quoting unnamed sources.

US private equity firm Silver Lake Partners LP [SILAK.UL] and USA chipmaker Broadcom Ltd have offered Toshiba Corp about 2 trillion yen ($17.9 billion) for its chip unit, the Nikkei business daily reported on Friday.

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Toshiba shareholders on Thursday agreed to split off its prized chip unit, paving the way for the sale. Toshiba plans on meeting with individual bidders this month. The company aimed to raise at least 1 trillion yen ($9 billion) but has been reportedly offered 2 trillion yen already.

The red ink is largely tied to huge cost overruns and construction delays at its USA nuclear power unit Westinghouse Electric, which filed for bankruptcy protection late last month.

Yesterday also saw the announcement by the company that its Westinghouse Electric Co. unit, which produces nuclear power technology, has filed for Bankruptcy in the U.S. Bankruptcy Court of NY, as related by Yuri Kageyama of Associated Press. The latter situation is unlikely, since memory supply isn't an area of Apple expertise and the company would have to sell chips to rival electronics makers.

The American government has guaranteed loans of US$8.3 billion to help finance some of the construction of four reactors in the US.

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