Jun 27, 2017
Western Digital resubmits Toshiba chip unit bid
Western Digital has resubmitted its bid for Toshiba's flagship flash memory unit amid a battle over the sale of the business. Toshiba needs to sell the unit after an accounting scandal and cost overruns at its Westinghouse nuclear unit. Western Digital has a 49% stake in the unit thanks to its joint venture with Toshiba, which has been in existence for 17 years. The BBC has seen a letter sent by Western Digital's board to Toshiba in which they warn they "Will not consent to a transaction with the proposed consortium" because of concerns over the involvement of South Korean rival SK Hynix, which they fear will try to benefit from the technology at stake. Toshiba wants to sell the unit quickly to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit and to dig itself out of negative shareholder equity that could lead to a delisting.
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