ã€Global Economics Reporter Wang Huan】 “Nihon Keizai Shimbun†reported on February 22 that Toshiba is considering the divestment of its semiconductor memory business. Companies and funds that are interested in funding will set a new semiconductor memory company’s valuation at 2 trillion yen. Yuan above. In addition, the time for the sale of shares originally scheduled for the end of March was postponed to April. Toshiba hopes that the acquirer will spend a longer period of time evaluating the content of the assets and maximizing the sales proceeds, and will make up for the impact of the huge loss of the US nuclear power business.
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Toshiba plans to hold an extraordinary general meeting of shareholders in late March and formally confirm the release of the memory business at the end of March. Although Toshiba has already implemented tenders for selected companies in early February, it will still recruit new candidates. In addition to U.S. Western Digital (WD), which has a relationship with semiconductor manufacturing, and U.S.-based Micron Technology, a number of investment funds are expected to participate in the bid. Toshiba will hold a board of directors on February 24th and eventually negotiate to spin off its semiconductor business.
In the tender for early February, Toshiba recruited funding candidates on condition that no more than 20% of the shares were sold. In the end, more than 10 companies showed interest, and the value of the new company seems to be assessed at 1.5 to 2 trillion yen. In view of the profitability of semiconductor business, Toshiba believes it can sell at a higher price. Prior to the 21st, the company was notified of new tendering conditions such as the investment of more than 50%.
The reason why Toshiba insisted that the investor's investment did not exceed 20% was because it can still grasp the right to operate a new company after the divestiture and position it as the core of the group. Under the new tendering conditions, Toshiba will explore funding from multiple companies at the same time as the company’s share purchases will increase.
Toshiba has advantages in smart phones and other fields, and its memory business ranks second in global market share. In fiscal year 2015 (as of March 2016), the semiconductor company achieved operating profit of 110 billion yen, which is touted as Toshiba's lifeblood. "The main business. However, only the investment is less than 20%, and it is difficult for investors to grasp the right to operate. Therefore, foreign funds believe that the lack of investment appeal, Toshiba's lifeblood may be pushed down.
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