Quite the saga! After courting Sharp for years, Sharp finally agrees to Foxconn’s terms only to have the Taiwanese behemoth pull back the offer. A month or so later, the two have finally come to terms.
As this story is just breaking there is no news yet on the impact on Sharp’s US imaging dealer operation. Check back to find out, I’ll post on that as it becomes available.
The deal gives Foxconn 66% of Sharp Electronics and instantly makes Sharp one of the biggest companies in the copier MFP world. That can’t be a bad thing, can it?
Here’s a news article announcing the takeover.
The following appears on bloomberg.com
Foxconn Technology Group Chairman Terry Gou finally clinched a deal to buy Sharp Corp. after years of pursuit, bringing together the main assembler of Apple Inc.’s iPhones with the electronics maker that built Japan’s first television sets.
The parent of Hon Hai Precision Industry Co. is paying 389 billion yen ($3.5 billion) for a controlling stake in Sharp, a drop of 100 billion yen from an agreement forged a month ago. As a result, Foxconn and its affiliates will get 66 percent of the Japanese company for 88 yen per share, both companies said in statements on Wednesday.
“Finally, it’s decided,” said Hideki Yasuda, an analyst at Ace Research Institute in Tokyo. “This is positive for Sharp, although it’s hard to imagine that Foxconn won’t have to keep providing funds.”
Click here to read the rest on Bloomberg.com
Sharp’s 104 Years, From Pencils and Displays Into Foxconn’s Arms
