Wed, Jun. 1, 3:55 AM
- Taiwanese regulators have cleared Foxconn's (OTC:FXCOF) $3.5B purchase of a 63.6% stake in Sharp (OTCPK:SHCAY), paving the way for a transformation at the Japanese display maker.
- Earlier this month, Foxconn founder Terry Gou said there would have to be layoffs to turn around the ailing company, but pledged that wages would rise and profit-sharing would again be the norm.
Wed, May 25, 7:46 AM
- Foxconn (OTC:FXCOF) says it will not sell Sharp's (OTCPK:SHCAY) solar power unit, amid concerns from business partners over a possible closure of the struggling division.
- "We want to let you know that we are totally committed to this business," the company said in a letter.
- Foxconn plans to seal a $3.5B deal by the end of June that would give it a two-thirds stake in Sharp.
Wed, May 18, 9:27 AM
- Microsoft (NASDAQ:MSFT) is bailing out on Nokia's feature phone business, selling its assets there to FIH Mobile (a unit of Foxconn (OTC:FXCOF)) and HMD Global for just $350M.
- FIH Mobile takes over Microsoft Mobile Vietnam in the deal, and that unit's 4,500 employees will join FIH Mobile or HMD Global or transfer.
- All feature phone assets are transferring, but Microsoft will continue work on Windows 10 Mobile and supporting Lumia phones from OEM partners.
- Microsoft had a feature phone brand license until 2024 but is electing to get out of the business now. Speculation points to the prospect of a Surface Phone launch in the coming year.
- MSFT is -0.5% premarket.
- Now read Microsoft Should Say Goodbye To Lumia, Let Another Firm Carry That Brand »
Fri, May 13, 3:31 AM
- Looking to steer a big turnaround, Sharp (OTCPK:SHCAY) has named the vice-chairman of Taiwan's Foxconn (OTC:FXCOF) as its new chief executive.
- Tai Jeng-Wu, a close aide of Foxconn's founder Terry Gou, assisted in the company's negotiations and eventual purchase of Sharp for $3.5B in March.
- With his new role, Tai will be the first outsider to run the century-old Japanese group and one of nine new board members.
Wed, Mar. 30, 5:20 AM
- Capping weeks of drama and intense negotiations, Foxconn Technology (OTC:FXCOF) has finally clinched a deal to take over Sharp (OTCPK:SHCAY), but with a lower price tag than their original deal.
- The Taiwanese firm will pay about $3.5B for a two-thirds controlling stake in the embattled Japanese company, nearly $900M less than its initial offer.
- Sources have also told the Yomiuri newspaper that Foxconn is planning to overhaul Sharp's management including replacing its CEO.
- Previously: Foxconn to agree on Sharp takeover, overhaul management (Mar. 30 2016)
Wed, Mar. 30, 3:11 AM
- Foxconn (OTC:FXCOF) is set to agree on deal to acquire Sharp (OTCPK:SHCAY) today, gaining a big discount to its original offer after a month of wrangling about potential liabilities.
- According to Reuters, the Taiwanese firm is likely to cut its initial ¥489B ($4.3B) offer for a two-thirds stake by about ¥100B.
- Sources also told the Yomiuri newspaper that Foxconn is planning to overhaul Sharp's management including replacing its CEO.
- Previously: Foxconn-Sharp deal price likely to fall by more than $2B (Mar. 29 2016)
Tue, Mar. 29, 3:16 AM
- The boards of Sharp (OTCPK:SHCAY) and Foxconn Technology (OTC:FXCOF) will meet separately tomorrow to discuss a revised takeover package that could slash at least ¥245B ($2.2B) off the price tag for the troubled Japanese electronics maker, WSJ reports.
- Over the past month, Foxconn has sent hundreds of people to take stock of everything from Sharp's information-technology infrastructure to its inventories, uncovering issues related to factory overcapacity and China sales that helped convince Sharp's lenders to agree to revised terms.
- Previously: Sharp, Foxconn push to close deal after delays (Mar. 28 2016)
Mon, Mar. 28, 2:05 AM
- Expectations are high that Sharp (OTCPK:SHCAY) may sign a long-delayed takeover deal with Foxconn (OTC:FXCOF) this week.
- According to to the Taiwan stock exchange, Foxconn will hold a board meeting on March 30 as scheduled, where it will likely discuss the transaction depending on the stage of negotiations.
- Sharp aims to reach an agreement as soon as possible, and will promptly make information public if it reaches a decision requiring disclosure.
- Sharp shares +4% in Tokyo.
Sun, Mar. 20, 10:12 AM
- Taiwan's Foxconn (OTC:FXCOF) is seeking to reduce the amount it pays for Sharp (OTCPK:SHCAY) due to concerns about potential liabilities and future earnings.
- According to the Yomiuri newspaper, Foxconn's investment in new equity to be issued by the embattled Japanese firm may shrink by 10%-20% from the originally agreed ¥489B ($4.4B).
- The Taiwanese company is also in talks with Sharp’s main banks to reduce interest rates on ¥510B in credit lines and loans due at the end of March.
Tue, Mar. 15, 8:28 AM
- Foxconn Technology (OTC:FXCOF) is delaying finalization of its deal for Sharp (OTCPK:SHCAY) to get a clear understanding of the Japanese company’s performance in the current quarter.
- The move increases the chances an agreement won't be reached this month, according to Bloomberg.
- Foxconn, which agreed to pay more than ¥600B ($5.3B) for control of Sharp, has asked the company and its auditor for the latest financial results.
Wed, Mar. 9, 2:48 AM
- Sharp's (OTCPK:SHCAY) two main banks are set to lower interest rates on billions of dollars in loans and offer other financial support as part of a planned takeover by Taiwan's Foxconn (OTC:FXCOF), Reuters reports.
- The move is partly a response to a last-minute hitch to the signing of the deal over potential liabilities at the ailing Japanese display maker, although some of the discussions have been going on for quite a while.
Mon, Mar. 7, 2:56 AM
- Talks for Taiwan's Foxconn (OTC:FXCOF) to acquire a majority stake in Sharp (OTCPK:SHCAY) are "on the right track," sources told Reuters, adding that the discussions are set to conclude this week and that most of the due diligence is now done.
- Sharp shares closed up 7.3% in Tokyo on the news.
- Foxconn late last month suspended the signing of a $6B deal to take over the loss-making Japanese electronics firm, citing the emergence of new material information.
Fri, Mar. 4, 3:28 AM
- Foxconn Technology (OTC:FXCOF) doesn't plan to adjust its planned ¥489B ($4.3B) investment in Sharp (OTCPK:SHCAY), but terms for creditors could be revised as takeover negotiations continue, WSJ reports.
- Since Monday, the two companies have deployed hundreds of people across all of Sharp's locations to study the recent disclosure of an additional ¥350B in contingent liabilities surrounding the transaction.
- Foxconn and Sharp aim to seal a near-$6B deal early next week following one more round of negotiations.
Tue, Mar. 1, 5:12 AM
- Sharp (OTCPK:SHCAY) is facing a potential cash crunch at the end of this month as talks drag on with Foxconn Technology (OTC:FXCOF) for a rescue deal that would inject billions of dollars in new capital into the struggling Japanese electronics maker.
- Sharp has ¥510B ($4.5B) in credit lines and loans that are set to expire on March 31 and the banks need the company to strike an agreement for a bailout before those loans are renewed.
Mon, Feb. 29, 2:45 AM
- Sharp (OTCPK:SHCAY) has not set a specific deadline for finalizing a takeover deal with Foxconn Technology (OTC:FXCOF), but aims to do so "as soon as possible."
- The Taiwanese firm put its offer on hold last week to clarify "new material information" - a list of liabilities that could exceed ¥300B ($2.6B).
- However, it's too early to tell whether Foxconn will lower the value of its offer for Sharp or change its bid in some other way.
- Previously: Sharp, Foxconn chiefs meet after takeover delay (Feb. 26 2016)
Fri, Feb. 26, 2:21 AM
- Sharp (OTCPK:SHCAY) CEO Kozo Takahashi and Foxconn (OTC:FXCOF) Chief Executive Terry Gou plan to meet in China today, after the latter put a deal to take over the ailing Japanese electronics maker on hold.
- Reason for the delay? Foxconn attributed the wait to "new material information," with sources explaining that the firm was surprised by a new list containing ¥300B ($2.7B) worth of "contingent liabilities."
- Sharp shares plummeted 11.4% in Tokyo on the news.
- Previously: Foxconn delays signing of Sharp takeover deal (Feb. 25 2016)
Currently, there's no company description for FXCOF.
Industry: Electronic Equipment
Other News & PR