Taiwan’s Hon Hai Precision Industry has agreed to buy Sharp for Y388bn ($3.46bn), putting an end to the takeover saga.
The struggling Japanese electronics maker agreed to a bailout by Hon Hai, better known as Foxconn, back in February, in a deal involving Y489bn of new stock to the Taiwanese group which would give it a 66 per cent controlling stake in Sharp.
However, the deal abruptly stalled after Sharp provided its rescuer with what Hon Hai called “new material information”, which people familiar with the matter said were Y300bn in potential liabilities.
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