TOKYO Loss-making Japanese electronics maker Sharp Corp's (6753.T)board begins a two-day meeting on Wednesday to decide if it should accept a $5.9 billion (£4.2 billion) takeover by Taiwan's Foxconn instead of an offer from a state-backed fund, sources with direct knowledge of the matter said.
A deal with Foxconn, the world's biggest assembler of Apple Inc (AAPL.O) products known formally as Hon Hai Precision Industry Co (2317.TW), would pave the way for the largest acquisition by a foreign company in Japan's insulated technology sector.
The Taiwanese firm, the world's biggest contract maker of electronic gadgets, has offered to invest 659 billion yen ($5.9 billion / £4.2 billion) in Sharp, sources have said.
That is more than double the 300 billion yen investment offered by the state-backed Innovation Network Corp of Japan (INCJ), which was previously considered the more likely suitor because it was seen as a more reliable investor with the backing of government. The fund has said it wants to merge Sharp's display business with Japan Display Inc (6740.T), in which it is the top shareholder. read more here