Apple Inc. (AAPL) Reportedly Holding Up Toshiba Chip Unit Deal

Apple Inc. (AAPL) Reportedly Holding Up Toshiba Chip Unit Deal

Apple Inc. (AAPL) Reportedly Holding Up Toshiba Chip Unit Deal

The investment can allow the SK hynix to secure up to 15 percent stake in the Japanese firm's memory unit.

SK Hynix will not directly acquire convertible bonds issued by Toshiba but acquires convertible bonds issued by a special goal corporation (SPC).

SK Hynix will be joined by Apple after talks over the future supply of NAND flash memory chips were settled.

According to a statement issued today by SK Hynix, the Bain-led consortium will hold 49.9 per cent of the voting rights in Toshiba Memory Corporation, while Toshiba will retain a 40.2 per cent holding. SK Hynix is the world's second-largest DRAM maker, but has yet to stand out in NAND flashes and system semiconductors. The inclusion of SK Hynix and Seagate, both competitors to WDC, are obviously displeasing to the company. The trip is interpreted as a move to coordinate the acquisition of Toshiba Memory at the eleventh hour.

After trying for months to hammer out a deal to acquire Toshiba's semiconductor business, Western Digital now appears to be pinning its hopes on a legal strategy that includes three separate arbitration cases and may take two years or more to resolve.

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It claims that its manufacturing joint venture agreement with Toshiba Memory Corporation - acquired via its $16bn acquisition previous year of SanDisk - gives it a right of veto over any sale of the company, a claim that Toshiba rejects.

But as the legal process is likely to take more than two years, Western Digital has chose to seek an interim injunction that would temporarily halt the sale until a court decision is made.

Now that Toshiba aims to complete the sale of Toshiba Memory by the end of March 2018, WD is aiming to halt the sale process through a disposition by the time.

Just when we thought that we had reached a conclusion in the protracted sale of Toshiba's chip unit, Western Digital on Tuesday announced its plans to seek an injunction to block the deal. It is forecast that the court will make a ruling in favor of WD. If it fails to eliminate its negative net worth, the Japanese company will be delisted from the Tokyo Stock Exchange.

Toshiba, meanwhile, needs to get a deal moving and soon in order to rectify its financial situation following the embarrassing collapse of its Westinghouse nuclear subsidiary in the US.

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