Toshiba Updates on the Preliminary Injunctive Relief Brought by Western Digital
2017年7月18日 - 10:07AM
ビジネスワイヤ(英語)
- At the July 14 hearing, the Superior
Court of California did not rule on Western Digital’s injunction
request.
- Instead, the court suggested the
companies to work on generating an agreement on the court’s
proposal for Toshiba providing with two weeks’ advance notice on
closing its memory business sales, provided this occurs before the
arbitration panel is formed under the ICC Rules.
- The arbitration panel should be formed
within the next few months, while Toshiba’s targets closing the
memory business sale for March end in 2018.
- In the meantime, Toshiba can continue
to negotiate and sign an agreement with bidders for the memory
business.
Toshiba Corporation (TOKYO:6502) has today filed an update to
the Tokyo Stock Exchange and Nagoya Stock Exchange on the court
hearing on July 14 at the Superior Court of California for the
County of San Francisco (the Court), on the motion for preliminary
injunctive (PI) relief made by SanDisk LLC (SanDisk), a subsidiary
of Western Digital Corporation (Western Digital) (NASDAQ:WDC).
At the July 14 hearing, the Judge proposed a solution and did
not order a PI. Instead, the Judge proposed Toshiba give two weeks’
notice to SanDisk before Toshiba closes the sale of its memory
business (the Deal) for the period until the arbitration panel can
be formed. Arbitration was initiated by SanDisk in May 2017.
Pursuant to the ICC (International Chamber of Commerce) Rules that
govern the arbitration, the tribunal should be formed within the
next few months.
As both sides agreed to the approach if it can be properly
worded, the Judge requested the parties to negotiate language that
would implement the Judge’s proposal and present that to the Court
by July 28.
Toshiba agreed not to close the Deal before the July 28 hearing.
Given that regulatory approval for the Deal will likely take
several months after signing, Toshiba’s current target is to close
the Deal by the end of March 2018. As a result, there is no chance
of closing the Deal within the next two weeks.In the meantime,
Toshiba can and will continue to negotiate and sign an agreement
with bidders for the Deal.
The company looks forward to the next hearing currently
scheduled for July 28.
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version on businesswire.com: http://www.businesswire.com/news/home/20170717006312/en/
Press ContactToshiba CorporationKaori Hiraki,
+81-3-3457-2100Public Relations & Investor Relations Div.Media
Relations Groupmedia.relations@toshiba.co.jp