DOMESTIC COMPETITION:Sources said that, despite Taiwan’s Hon Hai offering more money, Sharp would prefer to strike a deal with the Innovation Network Corp of Japan
Date: Jan 31, 2016
Hon Hai Precision Industry Co (鴻海精密) chairman Terry Gou (郭台銘) was planning to meet with Sharp Corp’s board at its headquarters yesterday and make his case for a raised offer to take control of the Japanese electronics maker for about ￥660 billion (US$5.4 billion), according to a person familiar with the matter.
The offer is designed to beat out an alternative deal with a Japanese government fund and would include about ￥390 billion to buy new shares for a controlling stake, said the person, who could not be identified because the information is not public.
About ￥225 billion would be used to buy preferred stock in Sharp, primarily from the company’s two major banks, and another ￥45 billion would be used to buy land from the company. [FULL STORY]