Update on the Sale of Toshiba Memory Corporation
2017年9月13日 - 2:30PM
ビジネスワイヤ(英語)
--- MOU Signed with Bain Capital---
Toshiba Corporation (TOKYO:6502) (Toshiba) has entered into a
memorandum of understanding (MOU) with Bain Capital Private Equity
LP (Bain), the lead member of a consortium currently bidding to
acquire Toshiba Memory Corporation (TMC), memorializing the
parties’ intent to negotiate a mutually satisfactory definitive
agreement for the sale of TMC by the end of this month. The
decision to enter into the MOU was made by Toshiba’s Board of
Directors at its meeting today.
As Toshiba stated in its August 31 announcement, “Update on the
Sale of Toshiba Memory Corporation,” Toshiba has been in continuing
negotiations with three consortia of potential purchasers of TMC: a
consortium that includes the Innovation Network Corporation of
Japan, Bain and Development Bank of Japan; a consortium that
includes Western Digital; and a consortium that includes Hon Hai.
In the course of these negotiations Bain has come forward with a
new proposal. Toshiba’s Board of Directors has determined to
continue negotiations with the Bain-led consortium on the basis of
this new proposal, and the company will work to expedite the
conclusion of a stock purchase agreement by the end of September.
Toshiba hereby announces that it has accordingly entered into a
non-binding MOU with Bain. The signing of this MOU does not
eliminate the possibility of negotiations with other consortia.
“Toshiba intends to reach a definitive agreement that fully
meets our objectives at the earliest possible date,” said Dr. Yasuo
Naruke, Senior Executive Vice President of Toshiba. “The sale of
TMC must promote further growth of TMC’s memory business, and
return Toshiba group to positive equity.
Dr. Naruke further stated: “The memory business is highly time
sensitive. It requires timely investments, accelerated product
development, and the ability to quickly ramp-up large-scale
production capacity. TMC is now proceeding with a unilateral
investment in manufacturing equipment for the Fab 6 clean room at
its Yokkaichi Operations, and we aim to increase the output of 3D
Flash memory at Yokkaichi to approximately 90% of capacity in
FY2018. Moving forward, we will continue to make timely investments
to expand operations to meet growing market demand.”
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version on businesswire.com: http://www.businesswire.com/news/home/20170912007000/en/
Toshiba CorporationKaori Hiraki, +81-3-3457-2100Public Relations
& Investor Relations Div.Media Relations
Groupmedia.relations@toshiba.co.jp