A consortium led by Innovation Network Corp. of Japan has made a final bid for Toshiba Corp.’s memory chip operations, the chief of the government-backed investment fund said.

“Our offer will likely help move the process forward considerably,” INCJ Chairman and Chief Executive Officer Toshiyuki Shiga told reporters Wednesday.

INCJ is a key partner in the consortium that has been selected by Toshiba as a preferred bidder for its flash memory unit, Toshiba Memory Corp. The group also includes a U.S. investment fund and a major South Korean semiconductor firm.

Toshiba plans to sell the lucrative memory business to secure funds to resolve its negative net worth caused by huge losses from its U.S. nuclear power operations.

The consortium originally aimed to sign an agreement to acquire Toshiba Memory by the June 28 general meeting of Toshiba shareholders.

But talks between the consortium and Toshiba have been hampered amid a legal battle with Western Digital Corp., a flash memory business partner of the Japanese company, to block the sale of Toshiba Memory.

The consortium’s final bid appears to include a response to the legal wrangling, sources familiar with the situation said.

Toshiba’s board on Wednesday discussed the sale of the memory unit, but no conclusion was reached.

By: DocMemory
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