Tokyo — Toshiba is in talks with Western Digital and Taiwan’s Foxconn, as well as with an already preferred bidder, as it seeks to revive the stalled $18bn sale of its chip business, according to banking sources. The Japanese conglomerate confirmed it was in talks with suitors but did not name them, noting it had been unable to reach an agreement by a self-imposed June 28 deadline with its preferred bidder — a group that includes state-backed fund Innovation Network Corporation of Japan, the Development Bank of Japan, US private equity firm Bain Capital and South Korean chip maker SK Hynix. A representative for Western Digital declined to comment, and a representative for Foxconn, the world’s largest contract electronics maker, was not available for comment. Talks with the preferred consortium have stalled over what sources say are proposals by SK Hynix that it helps fund a deal through convertible bonds. That could eventually give it an equity interest in the world’s second-largest...
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