Monday, 29 May, 2017

Bain to submit bid for majority stake in Toshiba chip unit

Broadcom Ltd KKR &Co Toshiba Corp semiconductor unit 1.8 trillion yen deal,Western Digital Corp Apple Toshiba memory chips Westinghouse nuclear business Taiwan’s Hon Hai Precision Industry Co. South Korea’s SK Hynix Inc. bidders for Toshiba Bain to bid for Toshiba chip unit
Laurie Berry | 19 May, 2017, 14:28

"Regarding the acquisition of management stake of Toshiba's memory unit, we made a decision to join the final bid in partnership with a consortium", the Korean chipmaker said in its regulatory filing Friday afternoon.

Toshiba's future as a public company depends on selling the memory chip unit and raising cash to pay for losses in its Westinghouse nuclear business.

A logo of Toshiba Corp is seen on a printed circuit board.

Apart from the consortium led by Bain Capital, there are two other strong consortiums led by the U.S. chipmaker Broadcom and the USA private equity firm KKR.

Fellow US PE firm Kohlberg Kravis Roberts has also approached INCJ about a similar deal without apparent success.

It was not clear whether INCJ and DBJ were working together or if they would be teaming up with other suitors. The deal came with the proviso it hold onto the stake for two years.

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Suitors including private equity firms KKR & Co LP, Bain Capital and USA chip maker Broadcom Ltd are lining up for Toshiba Corp's semiconductor business, sources familiar with matter said ahead of a deadline for second-round offers on Friday.

Toshiba has refuted those assertions and warned the American company not to interfere in the sale. Any transfer of the memory operations without its consent would violate joint-venture agreements, Western Digital argues. The move has unnerved potential buyers.

Bain has indicated that it will discuss its offer with Western Digital.

Western Digital, which has been maintaining closes ties with Toshiba, however, is presumed to have been excluded in the second bidding. Bain, KKR, the INCJ and Western Digital have been performing due diligence on Toshiba Memory.

That would likely be part of a consortium with another suitor that would have a key advantage over others - including Foxconn (OTC:FXCOF, OTC:HNHAF), Broadcom (AVGO +2.5%) and Western Digital (WDC +0.7%) - as it would keep important semiconductor technology inside Japan.

Toshiba intends to effectively extend the second round of bidding if it does not receive enough offers by the Friday deadline. "A larger bid that doesn't have INCJ in it, is unlikely to be successful". Waiting for a ruling from arbitration would bog down the sale, potentially preventing Toshiba from completing it by fiscal year-end as planned.

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