Sharp Accepts Foxconn's $6.24 Billion Takeover Offer
February 24 2016 - 9:30PM
Dow Jones News
TOKYO—Sharp Corp. on Thursday accepted a ¥ 700 billion ($6.24
billion) takeover offer from Taiwanese iPhone assembler Foxconn,
according to people familiar with the situation.
Taiwan's Foxconn prevailed over a Japanese government-backed
fund, Innovation Network Corp. of Japan, in a battle that has been
seen as a test of Japan's openness to foreign investment. The deal
would be one of the largest foreign purchases of a Japanese
company.
Sharp's board approved the bid from Foxconn, which is formally
known as Hon Hai Precision Industry Co., on Thursday, the people
familiar with the situation said.
Foxconn Chairman Terry Gou's pursuit of Sharp, which has been
weakened by a slump in the price of liquid crystal display panels
that it provides to Apple Inc., dates back at least four years.
Write to Takashi Mochizuki at takashi.mochizuki@wsj.com and
Atsuko Fukase at atsuko.fukase@wsj.com
(END) Dow Jones Newswires
February 24, 2016 22:15 ET (03:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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