Wed, Jan. 20, 11:45 PM
- Sharp (OTCPK:SHCAY) has jumped 13.2% in Tokyo trading on the Dow Jones report that Foxconn (OTC:FXCOF) -- the company that makes the vast bulk of iPhones for Apple -- has made a bid of ¥625B (about $5.3B) to take it over.
- Japanese government officials have been concerned about letting struggling Sharp come under foreign control, and the company is set to review an offer from a government-backed fund, Innovation Network Corp. of Japan.
- Foxconn is offering more money (the Innovation Network was considering a bid that would top ¥300B) and the willingness to take on all of Sharp's debt, the report says.
- Foxconn stock is down 0.2% in Taipei.
Currently, there's no company description for FXCOF.
Industry: Electronic Equipment
Other News & PR