Toshiba is splitting off and selling its semiconductor business following the collapse of U.S. nuclear power business subsidiary, Westinghouse Electric Co. Previous reports claimed that Foxconn had submitted the highest first round bid at close to 3 trillion yen. However, Japanese government officials are concerned about the sale of the company to foreign buyers.
In response, Apple would have Toshiba keep some shares so the Japanese and US firms combined, will have a majority stake. Apple executives are also considering teaming up with Hon Hai Precision Industry, also known as Foxconn. The Taiwanese maker is trying to acquire about 30 percent of the stake, and call on Japanese firms to join them.
A second round of bidding will take place by late June when a general shareholders' meeting is scheduled to be held.