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Toshiba Is Running Out of Options for Its Chip Business

Toshiba Is Running Out of Options for Its Chip Business

But those talks lapsed as Japan government investors who had been part of that consortium told Toshiba they were reluctant to close a deal in the face of legal challenges posed by Western Digital.

Toshiba is selling its memory chips business to help pay for an expensive move into the USA nuclear business, according to Bloomberg.

A representative for Bain was not immediately available for comment, while SK Hynix declined to comment.

If Toshiba does fail to secure sufficient financing by end-March, it is likely to report negative net worth, or liabilities exceeding assets, for a second year running - a scenario that could result in a delisting from the Tokyo Stock Exchange.

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Toshiba (OTCPK:TOSBF, OTCPK:TOSYY) issued a statement to Seeking Alpha regarding the chip right claims of Western Digital (NYSE:WDC). Apple depends on flash memory from Toshiba in its iPhones and iPods, and wants a continued supply so it's not dependent on rival Samsung Electronics Co.

If the deal goes through then it may become Apple's largest deal to date.

Sources have said that discussions with Western Digital faltered as Toshiba, fearing its partner was angling to eventually take over the chip business, sought to limit the USA firm's future stake in the unit.

"Toshiba regrets that Western Digital persistently overstates its limited consent rights in public statements", the Japanese company said in a statement, referring to the USA firm's claim that its consent was required for a sale as it had invested in Toshiba's semiconductor plant.

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The memory chip plant is owned jointly by Toshiba and Western Digital, but managed by Toshiba.

In the meantime, Yuji Sugimoto, managing director for Bain in Japan, worked to win Apple's support. But talks stalled as Toshiba, fearing Western Digital was angling to eventually take over the chip business, sought to limit the US firm's future stake in the unit, the sources added.

Considering that Western Digital will try to stay involved in management of Toshiba Memory, Toshiba executives possibly concluded that they should not spend any more time in serious negotiations with the California-based company.

Toshiba has missed several self-imposed deadlines to reach a final deal.

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Yesterday Evertiq reported that Toshiba has signed a MoU with Bain Capital Private Equity LP (Bain), in a bid to negotiate a definitive agreement for the sale of TMC by the end of this month.