Hon Hai proposes deal to buy Sharp: report

Taiwan Newas
Date: 2015-12-26
By: Jalen Chung and Frances Huang, Central News Agency

Hon Hai Precision Industry Co., the world’s largest contract electronics maker, has proposed to spend 300 billion Japanese yen (US$2.5 billion) to acquire financially struggling Japan-based electronics firm Sharp Corp., according to Japan’s Kyodo News.

The report posted by the Japanese news outlet Friday said that the proposed acquisition price is about 50 percent higher than Sharp’s current market value, indicating that Hon Hai wants to use the good offer to gain the upper hand and win consensus from the Japanese firm during negotiations for the acquisition.

According to the report, while Hon Hai, known as Foxconn outside Taiwan, has proposed to acquire Sharp at such a high premium, the Taiwanese firm requires the current management of Sharp, including Sharp President Kozo Takahashi, to step down.      [FULL  STORY]

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