Toshiba soliciting offers for its memory chip business to stabilise balance sheet
New York/Tokyo — Toshiba is sending letters soliciting offers for its memory chip business this week and seeking bids that value it at about ¥1.5-trillion ($13bn), according to people familiar with the matter. The Japanese conglomerate is offering a majority stake in the chip unit and would be willing to sell the entire business, said the people, who asked not to be identified because the matter is private. A ¥1.5-trillion valuation for the whole operation would be below earlier reports the chip unit could fetch between ¥2-trillion and ¥2.5-trillion. Toshiba is reeling from losses in its US nuclear division and selling assets to stabilise its balance sheet. President Satoshi Tsunakawa originally sought to sell a minority stake in the highly prized memory chip business, but has been forced to give up control because of the financial troubles. Whatever money it raises from the sale, Toshiba will likely be dropped from the first tier of the Tokyo Stock Exchange. Potential bidders that ...
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