Sharp Accepts $6.24 Billion Takeover Offer From Foxconn

Sharp’s board has accepted a ¥700 billion ($6.24 billion) takeover offer from Foxconn, reports the WSJ. Foxconn was previously considered an underdog in negotiations but it offered to invest significantly more in the company than Innovation Network Corp, a fund backed by the Japanese government. In Japan, the Sharp case sparked debate about whether the country should follow Prime Minister Shinzo Abe’s call to open up to more overseas investment. Japan has been reluctant to let a major domestic company go into foreign hands, and many people had argued that the 103-year-old Sharp should go to a Japanese buyer. Japan’s minister of economy, trade and industry told reporters Thursday he hoped Sharp would develop under Foxconn and believed that jobs and the regional economy would be protected.Share Article:Facebook,   Twitter,   LinkedIn,   Google Plus,   Email,   Reddit,   Digg,   Delicious,   StumbleUponFollow iClarified:Facebook,   Twitter,   LinkedIn,   Google Plus,   Newsletter,   App Store,   YouTubeAdvertise Here

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