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Japan: Shareholders back Toshiba’s chip sale

By  |  October 24, 2017

During an extraordinary shareholder’s meeting on Tuesday, October 24, Toshiba won shareholder approval for its sale of Toshiba Memory to a US-South Korean consortium.

The consortium includes the state-backed Innovation Network of Japan, the state-owned Development Bank of Japan and chipmaker SK Hynix of South Korea.

Last month, Toshiba picked a group led by investment fund Bain Capital as its buyer for the world’s second-largest maker of NAND flash memory chips used in smartphones and PCs after a chaotic, months-long bidding process.

The meeting did not address options for a scenario in which the sale of the memory chip business does not go through. Toshiba President Satoshi Tsunakawa said, “What happens if we cannot sell Toshiba Memory is a hypothetical question, but we will need to consider various measures depending on environmental changes. We will continue to focus on selling the unit, avoid delisting and improve our financial standings.”

Full Content: Japan Today

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