Tokyo — A Hong Kong-based activist investment fund says Toshiba Corporation’s chip unit is worth as much as $40bn, double the sale price agreed with a Bain-led consortium, as it escalates its opposition to the deal. Argyle Street Management is seeking to persuade Toshiba to either negotiate a higher price or list the unit, highlighting concerns that the Japanese conglomerate agreed to sell it too cheaply while in the throes of a financial crisis in 2017. The fund, which has $1.3bn under management, says other activist investors are on its side, but it is not clear how much support it has garnered. Argyle has also not disclosed the size of its stake in Toshiba. Toshiba Memory, the world’s second-largest producer of NAND chips, is due to be sold for ¥2-trillion ($18.6bn) but Argyle argues the unit is worth ¥3.3-trillion to ¥4.4-trillion, citing a valuation analysis by a third-party Japanese firm. "The suggested range is in line with views of most analysts," said Hideki Yasuda at Ace R...
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