Hon Hai, also known as Foxconn, may obtain a 9.9% stake in Sharp at a lower price than previously agreed upon, reports the WSJ.
Hon Hai, the world's largest contract electronics manufacturer, also known as Foxconn, agreed in March to take a 9.9% stake in Sharp at ¥550 a share, or about US$7 a share, for a total of roughly $800 million. However, the price of Sharp's shares has since fallen to about one-third of that level; on Monday, the stock ended down 6.1% at ¥186, extending its decline in the prior two trading days.
"We have proposed to revise the [stake-sale] price," confirmed Sharp spokesman Heihachiro Ochiai.
The companies are still in negotiation for what that per-share sale price will be. Many believe that Foxconn is investing in Sharp ahead of a push by Apple into the television business.
Recently, it was reported that Foxconn may even want to double its stake in Sharp from 9.9% to 20%.
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Comments (2)
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justabrake - September 5, 2012 at 3:59am
Foxconn will be holding apple stock soon LOL they putting it all together over there between them and Samsung making the chips apple just designs the shit here
0
tdtran1025 - September 4, 2012 at 9:40pm
Save that company-Sharp-from bankrupcy! They make decent panels.
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