Friday, 28 July, 2017

Bain to submit bid for majority stake in Toshiba chip unit

Reuters Reuters
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.

Sweden drops WikiLeaks founder rape investigation after 7years
Marianne Ny, has today chose to discontinue the investigation regarding suspected rape (lesser degree) by Julian Assange ". The investigation against WikiLeaks founder Julian Assange has been dropped by Sweden's Director of Public Prosecution.

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.

Recommended

  • Thom Tillis Collapses During A DC Race

    Thom Tillis Collapses During A DC Race

    Thom Tillis , known for his affection for the outdoors, collapsed Wednesday during a race in Washington . Capital Challenge Three Mile Team Race, but fell due to exhaustion and said that he was "overheated".

    Former National Security Adviser Has Not Responded To Subpoena

    On March 30, Flynn offered to testify before both the House and Senate Intelligence Communities in exchange for immunity. Flynn, a retired Army lieutenant general, was sacked from his position as Trump's national security adviser in February.

    Everything you need to know about the Times Square car crash

    Rojas had been arrested at least twice previously for driving while intoxicated, once in 2008 and once in 2015, police said. One person, an 18-year-old tourist from MI , died and 23 were injured in the New York Times Square attack.
  • UK Conservatives pledge immigration curb

    UK Conservatives pledge immigration curb

    The manifesto eases off on previous promises to eliminate the deficit, moving the target date to 2025. Theresa May during the Conservative Party manifesto launch in West Yorkshire.
    Times Square victim killed in crash was 18-year-old tourist

    Times Square victim killed in crash was 18-year-old tourist

    The crash killed an 18-year-old woman and the injured included her 13-year-old sister, police said. Fearing the vehicle would hit her, she ran to a nearby building's revolving door.

    Moussa Sissoko sends message to Tottenham fans after Leicester demolition

    Tottenham remained in possession throughout the match, with Kane putting his side ahead in the 25th minute of the match. Jokes aside, the 23-year-old had the ideal outing, taking command of the Golden Boot race with a four-goal display.
  • Sen. John Cornyn among candidates to be Federal Bureau of Investigation  director

    Sen. John Cornyn among candidates to be Federal Bureau of Investigation director

    At the Senate hearing, Mr McCabe testified it was not typical practice to tell people they were not a target of an investigation. However, his characterisation was at odds with that of the top Republicans and Democrats on the Senate Intelligence Committee.

    Axelrod calls Roger Ailes' legacy 'indisputable'

    A longtime confidant of media titan Rupert Murdoch, Ailes was a central figure in conservative USA politics for decades. Ailes' wife, Elizabeth Ailes, confirmed her husband's death in a statement to Drudge Report .
    Blue Jays Kevin Pillar Apologizes for Calling Braves Pitcher

    Blue Jays Kevin Pillar Apologizes for Calling Braves Pitcher "Fag"

    That doesn't excuse him for the comment, but it's encouraging to see that he knows the mistake he made and feels awful about it. Pillar had already stated he's apologized to Motte following the game, saying his comment was "stupid" and "immature".
  • Forget Trump's disclosure, United States  intel community is already 'infiltrated'

    Forget Trump's disclosure, United States intel community is already 'infiltrated'

    This does not suggest any major legal actions will be made against Trump, but shows the controversial nature of his actions. WND reported in January a delegation of Republican senators proposing freezing some State Department funding until the U.S.

    Students put BC NDP in power with 60 seats in mock vote

    The NDP has promised to ban the donations, while the Liberals have said they'll convene a panel to review them. The Liberals won 43 seats and the Green three as B.C. elected its first minority government since 1952.

    Rubio on Trump's 'witch hunt' tweet: 'We're a nation of laws'

    During the 2016 presidential campaign, Trump repeatedly vowed to instruct a special prosecutor to investigate Clinton if he won. Robert Mueller, while accepting this responsibility, said he would discharge it to the best of his ability. "If I were Mr.

Almost half of advisers breaching disclosure rules: FCA Almost  half of advisers breaching disclosure rules: FCA In 4.3% of cases, unsuitable advice was provided, and a further 2.5% of advice was "unclear". A further 5.4% of cases provided "uncertain disclosure".

McCaskill: Rosenstein said he knew Comey would be fired before memo Congressional Probes While Mueller takes over the Justice Department investigation, probes in Congress were proceeding as well. The bipartisan consensus afterward is that the Trump-Russia investigation has taken on a new level of seriousness.

Iran's presidential election begins as Supreme Leader casts vote Iran's presidential election begins as Supreme Leader casts vote Raisi also has promised monthly cash payments to the poor, a populist move that's been popular with Iranian voters in the past. After casting his ballot, Rouhani said whomever the voters elect as president should receive all of the nation's support.

Trump calls Russian Federation probe 'single greatest witch hunt' in United States history The White House disputed Comey's account of the February conversation concerning Flynn, but did not offer specific details. Trump knows that Russian Federation interfered in our election but has not shown concern over this fact.

Q1 net loss deepens for The Bon-Ton Q1 net loss deepens for The Bon-Ton The firm owned 523,814 shares of the company's stock after buying an additional 5,715 shares during the period. The decrease is largely due to decreased rent, advertising, payroll, taxes, and medical expenses.

Mishra on hunger strike; BJP-RSS script, says AAP Mishra on hunger strike; BJP-RSS script, says AAP This response comes a day after Mishra was attacked by an AAP supporter during his hunger strike. On May 9, in another letter, Mishra challenged the AAP chief to contest elections against him.

Trump willing to use engagement on North Korea crisis - South Korea envoy Trump willing to use engagement on North Korea crisis - South Korea envoy The missile flew 787 kilometers (489 miles) on a trajectory reaching an altitude of 2,111.5 kilometers (1,312 miles), KCNA said. The world is now trying to figure out what China might be doing, saying and thinking about North Korea .

ICJ's Jadhav verdict just a beginning, not victory: Soli Sorabjee Kulbhushan Sudir Jadhav, a former officer in the Indian navy, was arrested in March 2016 in the Pakistani province of Baluchistan. The International Court in its order also said that rights invoked by India under the Vienna Convention are plausible.

U.S. officials criticize Turkey after attack on DC protesters U.S.  officials criticize Turkey after attack on DC protesters Video shows people pushing past police to confront a small group of protesters across the street in Sheridan Circle. Nine people were taken to local hospitals for their injuries, and two people were arrested.

1 killed, 22 injured in Times Square fatal vehicle incident 1 killed, 22 injured in Times Square fatal vehicle  incident Officials didn't immediately elaborate about where the other victims were from and if anyone was from another country. Out of an abundance of caution, bomb-sniffing dogs were brought to the scene just after 12:15 p.m., officials said.

Tony Gale: This is why Tottenham lost to West Ham Tony Gale: This is why Tottenham lost to West Ham After a troubled campaign, this was a rare uplifting moment for West Ham. "If you want to be champions you must win. We had a game-plan, To beat a team like Spurs you also need quality and we showed that", Bilic said.

Mississippi River cresting in flood-hit IL , southern Missouri Those who live near the Mississippi River in Cape Girardeau in southern IL and southeast Missouri prepared for an onslaught. Louis suburb on the Meramec River, was saturated but holding on Wednesday. "The smaller rivers always recede sooner".

Security Council May Meet at Request of Tokyo, Washington Security Council May Meet at Request of Tokyo, Washington The adoption of the statement comes on the eve of an emergency, closed-door meeting of the Security Council scheduled for Tuesday. The ruler also pledged further missile tests and nuclear detonations, despite repeated warnings by President Trump.

Will Smith gets embroiled in Netflix debate The row centres on strict rules that restrict online streaming in France until three years after a movie goes on general release. The Cannes Film Festival runs through May 28, when the Palme d'Or victor and other awards will be announced.

Abe vows to build future-oriented ties with S. Korea Abe vows to build future-oriented ties with S. Korea The US protection may not come for free, however, with US President Donald Trump asking for payment for the missile shield. Seoul has refused to discuss the matter, as it was initially agreed that the USA would cover all the costs.