THE SAGA’S END?Sharp and Hon Hai are to approve a revised bailout plan on Wednesday and finalize the deal the following day, the Nikkei newspaper reported
Date: Mar 27, 2016
Sharp Corp’s banks are ready to push back the deadline for most of the company’s ￥510 billion (US$4.51 billion) in loans and credit lines beyond Thursday, people with knowledge of the matter said, giving the electronics maker more time to reach a renegotiated deal to be acquired by Hon Hai Precision Industry Co (鴻海精密), known as Foxconn Technology Group (富士康) outside Taiwan.
The extension might be as long as one month, said the people, who asked not to be identified as the decision has not been publicly announced.
Hon Hai chairman Terry Gou (郭台銘) last month agreed to buy Sharp for more than ￥600 billion, but has held off on signing a final agreement while his advisers scrutinize the company’s finances. [FULL STORY]