Toshiba executives, chip business manager Masayoshi Tomo told reporters, 'We are taking various efforts to complete the transaction in March,'
In his visit to a new chip R&D center in central Japan, Cheng Maoxiong stated that even if it cannot be completed in March, it will be completed at some point in April, May or June.
Toshiba announced in September last year that it would sign a definitive agreement with the Bain Capital-led consortium to sell its flash memory chip business to Bain Capital's consortium at a price of 2 trillion yen (about US$18 billion). The US private equity firm Bain Capital led a bidding consortium including Apple, Dell, Seagate Technology, Kingston and South Korea's chip maker Hynix.
Toshiba had previously suffered a huge loss due to the write-down of the US nuclear power business, and fell into a debt-insolvent dilemma. It needed to sell chip business.
However, Toshiba was invested by overseas investors at the end of last year, so it is no longer so anxious to complete the transaction. Sources said that if the transaction is not completed by March, Toshiba can also opt out.
In addition, some rights holders opposed the sale. Hong Kong-based activist investor Argyle Street Management, which holds Toshiba’s shares, stated that after the capital injection, Toshiba has no need to sell its chip business to Bain Capital for US$18 billion. Consortium.
Toshiba is the world's second largest manufacturer of flash memory chips. The flash memory chip business has been the main source of profit for Toshiba.