Toshiba Corp failed to seal a deal to sell its prized chip business by a self-imposed deadline of Thursday (August 31), raising doubts about whether it can plug a balance sheet hole in time to avoid a delisting and keep the chips unit competitive.
The board of the embattled Japanese conglomerate met earlier in the day to review a $17 billion offer by a consortium led by Western Digital, as well as bids from groups led by Bain Capital and by Taiwan's Foxconn.
Toshiba said in a statement it was continuing to talk with all three suitors and had not made any decision to reduce the pool of candidates.
Complicating matters, Bain Capital resubmitted an offer, worth some $18 billion, at the last minute, bringing in Apple Inc to help bolster its bid, sources with direct knowledge of the matter said late on Wednesday.
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