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Exclusive: Toshiba favors Bain group for chip sale; Western Digital talks stall

Toshiba Corp (6502.T) now favors a group led by Bain Capital LP and SK Hynix Inc (000660.KS) to buy its prized semiconductor business, as it failed to bridge key gaps with its business partner and rival bidder Western Digital Corp (WDC.O), two people briefed on the matter said on Tuesday.The dramatic twist in the sale process, beset by legal wrangling and revised bids, comes just a day before Toshiba’s latest deadline.The Japanese conglomerate, which needs to sell the chip business to plug a huge hole in its finances, had been trying to seal a deal by Wednesday with the Western Digital group but now hopes to reach agreement with the Bain group by next week, said the sources, who declined to be identified as the talks were private.

News Source:- https://www.reuters.com/article/us-toshiba-accounting-bain-exclusive/exclusive-toshiba-favors-bain-group-for-chip-sale-western-digital-talks-stall-sources-idUSKCN1BN17Z