Toshiba opens bidding on semiconductor unit
Toshiba will take proposals from companies and investment funds through March 29 covering their desired ownership stake and payment offer, among other terms.
Depending on the bids, Toshiba could sell up to 100% of the chip unit, in which case it could reap a profit of more than 1 trillion yen ($8.7 billion) from the sale.
The company will hold an extraordinary shareholders meeting March 30 to officially spin off its semiconductor business effective April 1.
Toshiba aims to line up a buyer around June and conduct the sale by the end of March 2018 following antitrust probes and other necessary procedures.
The conglomerate initially planned to sell less than 20% of the chip spinoff, but has since decided to sell a majority stake.
It hopes to attract higher prices from competitors and investment funds looking to take the lead on management decisions. ■