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Toshiba Miss Deadline For Chip Business Deal

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”.

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