Japanse-based Toshiba Corp has missed its desired deadline to secure a buyer for their memory chip business.
As previously reported, Toshiba was in negotiations with a consortium led by Western Digital to acquire its chip business for $17 billion.
If able to reach a deal, Toshiba’s board intended to vote on the offer on August 31st.
The company’s emphasis towards deadlines is grounded on a desire to close the chip sale by March next year, in a bid to avoid reporting negative net worth, which could result in potentially delisting from the Tokyo Stock Exchange.
Sources state whilst Toshiba failed to reach a deal by its desired date, it is continuing talks with three bidding groups.
Speaking of the development, the company states:
“Toshiba intends to continue negotiations with possible bidders to reach definitive agreement which meets Toshiba’s objectives at the earliest date”.
