Apple Discussing $3 Billion Stake in Bain's Toshiba Bid

Toshiba announces sale MOU with Bain Capital, SK Hynix

'The sale of TMC must promote further growth of TMC's memory business, and return Toshiba group to positive equity.

Foxconn Technology Group, the Taiwanese company that makes Apple's iPhones, made an appeal this month for its own effort to acquire Toshiba's chip unit, detailing support from partners including Apple.

Without an agreement soon, it will be hard for Toshiba to gain by the end of the financial year in March, regulatory approval and hence the funds it needs to cover billions in liabilities at it US nuclear unit.

Jumping to the present, Toshiba has made a decision to proceed with the negotiations with an investment group led by Bain Capital despite disappointment (and more legal objections) from Western Digital who tried to block similar negotiations back in June.

The involvement of Dell and Seagate would throw two prominent storage vendors into the mix of companies seeking a share of Toshiba's coveted memory business.

Toshiba (OTCPK:TOSBF, OTCPK:TOSYY) issued a statement to Seeking Alpha regarding the chip right claims of Western Digital (NYSE:WDC).

A representative for Bain was not immediately available for comment, while SK Hynix declined to comment. 'Throughout our ongoing dialogue with Toshiba, we have been flexible, constructive and have submitted numerous proposals to specifically address Toshiba's stated concerns.

Sources have said that discussions with Western Digital faltered as Toshiba, fearing its partner was angling to eventually take over the chip business, sought to limit the us firm's future stake in the unit. The company sought injunctive relief after Toshiba announced in June that the Bain-led group was the preferred bidder and it planned to strike an agreement by June 28.

Its shares collapsed $3.36, or 3.8%, to $85.43, within an hour of Wednesday's closing bell.

In August, the court granted SanDisk's request for a preliminary injunction to stop Toshiba from prohibiting SanDisk affiliates from accessing shared databases and refusing to ship certain engineering wafers and samples to ensure continuing operation of their NAND flash joint ventures.

"We remain confident in our ability to protect our JV interests and consent rights", the California-based firm said in a statement.

Toshiba says it remains "fully committed" to completing the sale by March 2018 and "looks forward to a favorable resolution of SanDisk and Western Digital's exaggerated claims in arbitration".

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