Toshiba And WD Settle Ownership Issue
Toshiba and Western Digital have agreed to settle their issue over Toshiba’s plans to sell its $18bn chip unit with plans for the settlement to be held next week.
Over the past months, Toshiba and Western Digital have been battling over Toshiba’s attempt to sell its main semiconductor plant to a rival business.
A Toshiba spokesperson told Reuters, while the company was open to a settlement, it would not disclose discussion specifics or details of board of directors meetings. It is not a fact that we have reached an agreement with Western Digital.
According to Reuters one of the board of the embattled Japanese conglomerate approved a framework for a settlement on Wednesday.
In September, Toshiba made a decision to sell the unit to a consortium led by Bain Capital and South Korean chipmaker SK Hynix.
Western Digital’s injunction case is being played out in the International Court of Arbitration, where the California-based company, which argues no deal can be done without its consent, initiated proceedings against Toshiba earlier this year.