Deals
INCJ Said to Argue Its $8.5 Billion Sharp Bid Tops Foxconn's
- Foxconn is said to offer about $5.6 billion for Sharp
- Sharp has until Feb. 29 to decide on Foxconn bailout plan
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Innovation Network Corp. of Japan is making the case to Sharp Corp. that its rescue proposal for the electronics maker is worth more than an offer from Foxconn Technology Group, a sign the government fund is determined to keep fighting for victory in the takeover battle.
The state-backed fund proposed a package of cash, asset sales and support from lenders that it says is worth 1 trillion yen ($8.5 billion), according to documents INCJ presented to Sharp and obtained by Bloomberg News. Foxconn is offering about 660 billion yen for the company, a person familiar with the matter has said.