Western Digital-led group wins bid for Toshiba chip unit: Nikkan Kogyo

Apple Western Digital Toshiba Toshiba takeover bid Toshiba NAND flash memory chip Apple Toshiba offer Toshiba chip business Apple Western Digital joint venture Toshiba consortium agreement Toshiba possible delisting Bain Toshiba bid Foxconn bid

Apple Western Digital Toshiba Toshiba takeover bid Toshiba NAND flash memory chip Apple Toshiba offer Toshiba chip business Apple Western Digital joint venture Toshiba consortium agreement Toshiba possible delisting Bain Toshiba bid Foxconn bid

The move comes after sources said Western Digital Corp (WDC.O), which was part of a competing group in final-stage talks with Toshiba, had revised its offer. It says 1,000 employees have left Toshiba in the past three months and says uncertainty over the Memory Business future and relatively poor pay and bonus payments have fed employee dissatisfaction.

A Toshiba spokesman said the firm could not comment on details of the talks.

The people on Tuesday declined to be identified because the talks were confidential.

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Yoshimitsu Kobayashi, an external Toshiba director, told reporters earlier on Tuesday that although the deadline is important, it is also important that negotiations head in a good direction.

Toshiba Corp 6502.T has chose to sell its memory chip unit to a group led by Western Digital Corp for about 2 trillion yen ($18.29 billion), Japan's Nikkan Kogyo newspaper said, without citing sources.

The offer by the consortium, which is led by the US private equity group and the South Korean chipmaker as well as Japanese state-backed investors, was higher than an initial offer of around 1.94 trillion yen, according to the sources who requested anonymity because the talks were confidential.

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The Bain-led group had been chosen preferred bidder in June.

Western Digital, which jointly invests in Toshiba's key chip plant, has been at loggerheads with its partner over the auction of the key chip business.

Just yesterday, it looked like Western Digital were set to miss out on the deal, after a consortium led by Bain submitted a $22 billion bid of its own.

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As well as the Western Digital-backed consortium, which also includes KKR & Co LP, Toshiba has said it is considering a bid led by Bain Capital LP and SK Hynix Inc 000660.KS , and one by Hon Hai Precision Industry Co Ltd (Foxconn) 2317.TW .

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