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Sharp and Foxconn to sign smaller takeover deal
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SHARP Corp and Taiwan’s Foxconn are set to sign a takeover deal this week after repeated delays, with the two sides set to agree on a smaller bailout than originally planned for the troubled Japanese electronics maker, two sources familiar with the talks said on Saturday.
The two companies will hold board meetings on Wednesday to approve the deal and officially sign a deal the following day, said the two sources with direct knowledge of the talks.
Both of the sources declined to be named as they are not authorized to speak to the media.
A Sharp spokesman declined to comment, while Foxconn officials were not immediately available for comment.
Foxconn is set to cut its earlier 489 billion yen (US$4.3 billion) offer for newly issued Sharp shares by about 100 billion yen, the sources said.
The companies had come close to signing a deal last month but Foxconn hit the pause button following revelations of previously undisclosed liabilities at Sharp.
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