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Sharp accepted takeover from Foxconn, but Foxconn decided to wait

Staff writer |
Sharp has accepted a takeover bid from Foxconn and Foxconn said it will postpone finalizing the sale due to late-arriving information.

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Thursday night local time, Foxconn issued a statement in Taiwan saying that it will now delay signing the deal, because of a document that Sharp shared with it on Wednesday, according to Focus Taiwan News, which adds that the sale was previously planned to be finalized by the end of this month.

Foxconn, the parent of Hon Hai, put out a one-paragraph statement late Thursday after Sharp disclosed the agreement terms.

It read in its entirety: “We acknowledge receipt of a notice today from Sharp’s board choosing us as their preferred partner. After receiving new material information from Sharp yesterday morning, we have accordingly informed Sharp last night (before their board meeting on 2/25) that we will have to postpone any signing of a definitive agreement until we have arrived at a satisfactory understanding and resolution of the situation.”

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