A Japanese state fund is making a final effort to secure a takeover of Sharp Corp (6753.T) as the ailing electronics maker considers a higher $5.8 billion offer from Taiwan's Foxconn (2317.TW), criticizing the composition of the company's board, sources said.
Innovation Network Corporation of Japan (INCJ) officials are taking issue with two of Sharp's board members who they believe have a conflict of interest as they represent a fund that holds preferred shares in the electronics company, according to the sources familiar with the fund's complaint.
Sharp earlier this month said it would focus on takeover talks with Taiwan's Foxconn, despite widespread expectations that INCJ's rescue plan would be backed. read more here