News

Foxconn lowers the value of their offer for Sharp

23 000 2016

Sharp's future, chapter 36:  although the deal was on the very cusp of being accepted, the texts drafted and printed on vellum, special fountain pens ordered- Foxconn then dropped a counter proposal.

Foxconn took a rather dim view of their discovery, late in the day, that Sharp's debts were substantially higher that they had thought hitherto, and specifically that a whole ream of them had only just come to light.  So they lowered their offer for Sharp.

In January, Foxconn made an offer worth 4.7 million euros / 5.2 million dollars, and the lowered offer is rumoured to be more like 3.9 million euros, 4.33 million dollars - 17 per cent down.  The board of Sharp Electronics had already accepted the earlier deal, in February.  They will now have to consider and accept the new proposal, which is still higher than, and preferable to, the alternative offer from the Japanese government's investment fund, the INCJ.