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Japan's Sharp accepts $4.3bn takeover bid from Taiwan's Foxconn Taiwan's Foxconn to delay $4.3bn takeover of Sharp
(35 minutes later)
Struggling Japanese electronics giant Sharp says it has accepted a $4.3bn (£3.08bn) takeover bid by Taiwanese multinational Foxconn. Taiwan multinational Foxconn has said it will delay the signing of a $4.3bn (£3.08bn) deal to take over struggling Japanese electronics giant Sharp.
The announcement came as Sharp's board completed a two-day meeting to discuss competing takeover offers. Foxconn said it had received new information which needed to be clarified before a deal could be done.
It said that Sharp on Wednesday morning had "couriered over a new key document to the management."
The original announcement of the take-over came after Sharp's board completed a meeting to discuss rival offers.
Foxconn assembles most of the world's iPhones. Sharp is one of Japan's oldest technology firms.Foxconn assembles most of the world's iPhones. Sharp is one of Japan's oldest technology firms.
It is the first foreign takeover of a major Japanese electronics firm in a historically insular technology sector.It is the first foreign takeover of a major Japanese electronics firm in a historically insular technology sector.
Japanese officials had been reluctant to let Sharp fall under foreign ownership because of the distinctive technology behind its display panels.Japanese officials had been reluctant to let Sharp fall under foreign ownership because of the distinctive technology behind its display panels.
Founded in 1912, innovations by Sharp include a mechanical pencil in 1915 and and pioneering developments in television engineering.Founded in 1912, innovations by Sharp include a mechanical pencil in 1915 and and pioneering developments in television engineering.
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.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 togetherGoing global together
Shares in Sharp, which employs more than 50,000 globally, will be issued to Hon Hai Precision Industry Company, also known as Foxconn Technology Group. Shares in Sharp, which employs more than 50,000 globally, will be issued to Hon Hai Precision Industry Co Ltd, also known as Foxconn.
Sharp's shares were halted from trading ahead the announcement. They later reopened and closed down by nearly 15%.Sharp's shares were halted from trading ahead the announcement. They later reopened and closed down by nearly 15%.
Technology specialists said the firms would probably work well together on a global platform.Technology specialists said the firms would probably 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."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 CorrespondentWhat'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.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.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.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.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.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?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?
Read Karishma in fullRead Karishma in full
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.