Bain to submit bid for majority stake in Toshiba chip unit
Bain to submit bid for majority stake in Toshiba chip unit
Renesas Electronics Corp's logo is seen on its substrate at the company's conference in Tokyo Japan
19 May, 2017, 14:28
South Korea's SK Hynix Inc., the world's second largest memory chipmaker, has raised its appeal in its final bid for the world's second largest flash memory business from Toshiba Corp.by joining up with US investment firm Bain Capital with influences in the Japanese corporate and government sector and promising to keep management under the Japanese company after buyout. SK Hynix confirmed that its board has approved entering a final bid for Toshiba's NAND (non-volatile storage) chip business but declined to give details. A likely aim is to secure better terms by waiting for a planned all-Japanese consortium consisting of a large number of companies making small contributions.
A Hong Kong-based representative for Bain declined to comment. Bain, KKR, the INCJ and Western Digital have been performing due diligence on Toshiba Memory.
Toshiba has refuted those assertions and warned the American company not to interfere in the sale.
Bain aims to recoup its investment by listing Toshiba Memory on the Tokyo Stock Exchange about two years after the acquisition. Any transfer of the memory operations without its consent would violate joint-venture agreements, Western Digital argues.
Even if the deal is reached on time, the entire negotiation may be scrapped if the International Chamber of Commerce accepts Western Digital's request.
Western Digital hasn't made clear whether it will join the KKR-Japan consortium and could still make an offer on its own, the people said. The U.S. company's first-round bid was well below rival offers and its balance sheet may not be strong enough to make a competitive offer. The government has encouraged Toshiba and Western Digital to work out some compromise. South Korean chipmaker SK Hynix would contribute money to the special-purpose company but avoid direct involvement to keep from running afoul of antitrust law. SK Group chairman Chey Tae-won who flew to Tokyo to oversee the deal said the company would go bolder in the final bid. The lending units of Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group plan to provide at least $15 billion in loans, while Silver Lake will add convertible debt.
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