After a long pause, Foxconn and Sharp is expected to finalize the takeover deal this week as sources that are familiar with the talks say that both companies are expected to sign the deal this Thursday.
Speaking to Reuters, the two sources revealed that board meetings will be held on Wednesday to approve the deal and would officially be signed the following day. Foxconn’s takeover of Sharp was supposed to occur last month, but revelations of undisclosed liabilities at Sharp made them put the takeover on hold to reevaluate their original 489 billion yen offer. According to the sources, Foxconn would be slashing 100 billion yen from its offer in light of said liabilities.
If Foxconn and Sharp manage to close the deal on Thursday, the takeover would be the largest acquisition by a foreign company in Japan’s technology sector. Foxconn’s acquisition of Sharp would boost Foxconn’s position as Apple’s main contract manufacturer. It would also provide Sharp with funds to start mass-producing OLED screens by 2018.
Source: Reuters
