Foxconn Submits Highest Bid for Toshiba's Semiconductor Business

Foxconn Submits Highest Bid for Toshiba's Semiconductor Business

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Hon Hai, also known as Foxconn, has submitted the highest bid for Toshiba's semiconductor business in the first round of bidding, reports Asahi.

Toshiba is splitting off and selling its semiconductor business following the collapse of U.S. nuclear power business subsidiary, Westinghouse Electric Co. Currently, Hon Hai Precision Industry Co and Broadcom are the top bidders with Hon Hai pledging close to 3 trillion yen in the first round of bidding, which closed March 29, sources said on April 6.

About ten companies have submitted bids but no Japanese firms are in the running. The candidates will be whittled down in April and a second round of bidding will take place by late June, when a general shareholders' meeting is scheduled to be held.

Toshiba wants the buyer to maintain the company's employment and manufacturing facilities. The sale should be completed by March 2018.

Apple was rumored to be a bidder for the business but is not mentioned in the report.

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Foxconn Submits Highest Bid for Toshiba's Semiconductor Business
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