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, 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.
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)
Thu, Feb. 25, 7:54 AM
- Foxconn Technology (OTC:FXCOF) is delaying the signing of a definitive takeover agreement with Sharp (OTCPK:SHCAY) due to new details the Japanese electronics maker disclosed a day earlier.
- "We hope to clarify it quickly and to bring this deal to a successful conclusion," it said in a statement.
- Foxconn didn't elaborate, but sources said that the Taiwanese iPhone assembler is reviewing Sharp's future financial risk after receiving a list of about ¥350B worth of "contingent liabilities."
- Previously: Nikkei: Sharp agrees to $6.2B buyout by Foxconn (Feb. 24 2016)
Wed, Feb. 24, 9:18 PM
- Foxconn (OTC:FXCOF) has a deal to buy Sharp (OTCPK:SHCAY), according to Nikkei.
- Sharp's board has accepted a deal for about ¥700B ($6.2B) after the two entered exclusive talks earlier this month, and after Sharp's board gathered for a two-day meeting to consider the deal.
- Sharp will restructure under Foxconn's umbrella, Nikkei said. The new offer was more than double a ¥300B investment (along with a ¥200B credit line) offered by state-backed Innovation Network Corp of Japan.
- In Thursday trading in Tokyo, Sharp shares are up 1.7%.
- Previously: Sharp starts board meeting about Foxconn offer (Feb. 24 2016)
- Previously: Sharp enters exclusive takeover talks with Foxconn (Feb. 04 2016)
- Previously: Sharp meets with Foxconn and Japanese state-backed fund (Jan. 31 2016)
Thu, Feb. 4, 2:04 AM
- Sharp (OTCPK:SHCAY) has decided to enter exclusive talks with Foxconn Technology (OTC:FXCOF) regarding a takeover, choosing the Taiwan firm's offer over a rescue plan from government-backed Innovation Network of Japan.
- The decision comes after months of uncertainty over the fate of the company, whose display business has continued to suffer massive losses despite two major bailouts.
- According to broadcaster NHK, Foxconn offered over ¥700B ($5.9B) for Sharp, more than double the amount of investment proposed by INCJ.
- Previously: Sharp meets with Foxconn and Japanese state-backed fund (Jan. 31 2016)
Sun, Jan. 31, 8:52 AM
- After meeting with Sharp's (OTCPK:SHCAY) board on Saturday, Taiwan's Foxconn Technology (OTC:FXCOF) said it was confident about its ¥625B (about $5.3B) offer for the struggling Japanese electronics maker, and expected the firm to come to a decision within a week.
- Foxconn's rival in the bid for Sharp, Innovation Network of Japan, is said to be discussing a capital injection of more than ¥300B, and up to ¥350B of financial assistance from the company's two main lenders.
- Previously: Foxconn proposes detailed offer for Sharp (Jan. 27 2016)
- Previously: Bloomberg: Sharp said to favor INCJ over Foxconn offer (Jan. 21 2016)
Wed, Jan. 27, 4:31 AM
- Foxconn Technology (OTC:FXCOF) has made a detailed offer to buy Sharp (OTCPK:SHCAY) including a promise to not cut jobs, challenging an offer by government-backed Innovation Network of Japan, Reuters reports.
- Foxconn, formally known as Hon Hai Precision Industry, previously offered ¥625B (about $5.3B) for Sharp, but the Japanese company and its lenders had not taken the offer too seriously as it lacked a detailed restructuring plan
Thu, Jan. 21, 3:49 AM
- Sharp (OTCPK:SHCAY) is leaning toward accepting a rescue by government-backed Innovation Network of Japan over a potentially larger offer from Foxconn Technology (OTC:FXCOF), Bloomberg reports.
- Sources said a deal with INCJ would allow the firm to keep its technology within Japan and cooperate more closely with domestic companies.
- Sharp's stock climbed as much as 25% in Tokyo today after Foxconn offered ¥625B (about $5.3B) to take it over.
- Previously: Sharp up 13% in Tokyo on report of $5.3B buyout bid from Foxconn (Jan. 20 2016)
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.
Sharp and its subsidiaries are engaged in the manufacture and sale of consumer/information products and electronic components. Co.'s principal business segments are electronics equipment and electronics parts. Co.'s products include LCD color TVs, high vision TVsl color TVs, TV/VCR combos, DVD... More
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