Sharp and Apple's main manufacturing partner, Foxconn, have reportedly agreed to extend the deadline for takeover talks by another one to two weeks, following the latter's discovery of undisclosed Sharp liabilities.
Following months of rumors and speculation, primary Apple supplier Foxconn has reportedly purchased embattled Japanese tech giant Sharp for $6.25 billion, beating out an offer from Innovation Network Corporation of Japan.
The Foxconn bid to take over Sharp is now only awaiting finalized details between the two parties, Foxconn's CEO Terry Gou told reporters on Friday, indicating that Innovation Network Corp. has indeed been cut out of the loop.
Sharp is indeed leaning towards a takeover by Apple's main manufactuing partner, Foxconn, but no exclusive negotiating rights have been offered, the company's CEO announced at a Thursday press conference.
Sharp reportedly plans to enter talks with Foxconn over a takeover bid that could be worth some $5.5 billion, suggesting an end is near for Foxconn's bidding war with Innovation Network Corporation of Japan.
In the bidding war for Sharp, Innovation Network Corp. has yet to decide on a possible rescue plan, even as rival Foxconn is raising its bid and promising not to cut Japanese jobs, a report said on Friday.
Weighing takeover bids from both Taiwan's Foxconn and Innovation Network Corp. — a fund backed by the Japanese government — Sharp management is currently leaning in the second direction, a report said on Thursday.
Apple's effort to convert suppliers over to renewable energy is resulting in it, along with partner Foxconn, consuming 30 to 40 percent of Tainergy Tech's solar cell production in China, according to Tainergy president Kevin Hsieh.