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Japan's Sharp accepts Foxconn takeover bid Japan's Sharp accepts $4.3bn takeover bid from Taiwan's Foxconn
(about 1 hour later)
Struggling Japanese electronics giant Sharp says it has accepted a multi-billion dollar takeover bid by Taiwanese multinational Foxconn. Struggling Japanese electronics giant Sharp says it has accepted a $4.3bn (£3.08) takeover bid by Taiwanese multinational Foxconn.
The announcement came as Sharp's board completed a two-day meeting to discuss competing offers to buy the company. The announcement came as Sharp's board completed a two-day meeting to discuss competing takeover offers.
Foxconn assembles most of the world's iPhones. It initially offered about $5.3bn to take over Sharp before raising its offer to $5.9bn. Foxconn assembles most of the world's iPhones. Sharp is one of Japan's oldest technology firms.
Sharp employs 50,000 globally and makes TVs, tablets and display screens. It is the first foreign takeover of a major Japanese electronics firm in a historically insular technology sector.
It had considered several rival offers including one from government-backed investment fund Innovation Network Corp of Japan. Japanese officials had been reluctant to let Sharp fall under foreign ownership because the distinctive technology behind its display panels.
Japanese officials had been worried about letting Sharp fall under foreign ownership because of the technology used in its display panels. Founded in 1912, innovations by Sharp include a mechanical pencil in 1915 and and pioneering developments in television engineering.
Shares in Sharp have been issued to Hon Hai Precision Industry Company, also known as Foxconn Technology Group. They were continuing to trade under the name Sharp Corporation after the takeover announcement and were down as much as 14% at one point in Tokyo trade. Although recent years have seen a downturn in its fortunes with heavy debts, the firm continued to be a leader in liquid display technology, a key asset for Foxconn.
Going global together
Shares in Sharp, which employs more than 50,000 globally, have been issued to Hon Hai Precision Industry Company, also known as Foxconn Technology Group.
After Sharp's shares were halted from trade pending the announcement, they later continued to trade under the name Sharp Corporation and were down as much as 20% at one point in Tokyo trade.
It initially offered about $5.3bn to take over Sharp before raising its offer to $5.9bn. The $4.3bn buyout represents the acquisition of two thirds of its shares.
Technology specialists said the firms would likely work well together on a global platform.
"Sharp is strong in research and development, while Hon Hai knows how to market products to customers such as Apple, and it also has expertise in production. Together they can go global," Yukihiko Nakata, a technology professor and former Sharp engineer told AFP news agency.
What's behind the takeover? - Karishma Vaswani, Asia Business Correspondent
Trying to save one of the giants of the Japanese tech sector has been challenging to say the least, but even harder if the defacto response in your industry to any foreign takeover deal is usually a no.
That's because Japan's technology sector is historically extremely insular, and has been reluctant to let outsiders in.
Partly the concern is fuelled by a fear that Japan's proprietary technological expertise may be at risk - but partly it's also because of a Japanese corporate culture that prefers keeping the dirty laundry in the family.
But when times are tough, business acumen trumps nationalistic tendencies.
A takeover by Foxconn could help Sharp sell its liquid crystal display panels elsewhere in the region and inject fresh funds and ideas into the ailing electronics maker.
But turning Sharp around won't be easy. Even after two bailouts it has been unable to turn its fortunes around. Will Foxconn be able to succeed where others have failed?
Struggling firmStruggling firm
Earlier this month, as it was considering several takeover offers, Sharp posted a bigger-than-expected net loss of $918m (£630m) for the April-to-December period.Earlier this month, as it was considering several takeover offers, Sharp posted a bigger-than-expected net loss of $918m (£630m) for the April-to-December period.
In 2012, the firm came close to entering bankruptcy. It has struggled with heavy debts and has been through two major bailouts in the last four years.In 2012, the firm came close to entering bankruptcy. It has struggled with heavy debts and has been through two major bailouts in the last four years.
Foxconn first offered to invest in the troubled Japanese firm in 2012, but talks collapsed.Foxconn first offered to invest in the troubled Japanese firm in 2012, but talks collapsed.