Nikkei Asian Review reported iPhone assembler Hon Hai Precision Industry (or Foxconn Technology Group) is offering 2.1 trillion yen ($19.6 billion) for the chip unit of the Japanese conglomerate Toshiba Corporation.

Foxconn says Toshiba Memory bid includes Apple, Kingston and SoftBank. In this bid Foxconn is up against two other rivals. One is led by Western Digital and the other bidder is an American-Japanese-South Korean consortium.

Toshiba must complete the sale of its memory unit before the end of the current fiscal year ending next March. This is necessary to compensate for massive losses incurred by its U.S. nuclear operations, or risk being delisted from the Tokyo Stock Exchange.

Reed the full article: “Foxconn says Toshiba Memory bid includes Apple, SoftBank

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