Tokyo/San Francisco — Toshiba’s talks to sell its chips business to a consortium led by Bain Capital hit an impasse over the timing of payments for the business and governance issues, according to people familiar with the matter. The new hurdle casts doubt on the company’s ability to complete a deal quickly. The Bain group wants to make cash payments after Toshiba resolves a legal dispute with partner Western Digital, while Toshiba wants the money earlier, said the people, asking not to be named because the matter is private. Toshiba president Satoshi Tsunakawa said last week the company would hold talks with other possible acquirers because it had not been able to reach final terms with Bain, which had been designated the preferred bidder, without explaining the reasons. After a multibillion-dollar write-down in its US nuclear business, Toshiba needs to complete the chip unit sale by March or face delisting from the Tokyo Stock Exchange. The Japanese icon is preparing for delisting...
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