Foxconn said to bid over US$5b for Sharp

Sharp is said to be reviewing a competing offer from a Japanese company

Large contract manufacturer Foxconn has bid to take over ailing Sharp for its display business and manufacturing know-how, according to news reports.

Sharp, which has had to take the help of banks frequently, is said to be set to consider a review of a competing offer from the Japanese government-backed Innovation Network Corporation of Japan, which could be favored because of the government's interest in keeping the company in local hands and protecting jobs.

Foxconn, which assembles products for a number of companies including Apple, has bid 625 billion yen (US$5.3 billion), according to The Wall Street Journal, while Bloomberg said the offer was slightly lower at about 600 billion yen, both quoting people familiar with the matter. The company could not be immediately reached for comment.

Sharp has been a household brand in Japan and includes among its creations the "Hayakawa mechanical pencil," named after the company's founder and developer of the device, Tokuji Hayakawa. Propelling pencils are still referred to in the country as "Sharp pens."

After reports surfaced recently of the possible sale of its LCD panel business as well as on the possible investment from Innovation, Sharp said last week nothing had been decided yet, and it continues negotiations with other companies regarding "fundamental structural reforms" of its LCD panel business.

Foxconn does not plan to replace Sharp’s top management, a move that could reassure Japanese officials who are worried about a foreign takeover bid, WSJ said. The Taiwanese company has previously shown interest in investing in a 10 percent stake in Sharp.

Join the newsletter!

Or
Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

John Ribeiro

IDG News Service
Show Comments

Essentials

Mobile

Victorinox Werks Professional Executive 17 Laptop Case

Learn more >

Exec

Budget

Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?