Deals
Japan Fund Said to Pitch Sharp on Plan for Smart-Appliance Giant
- INCJ sets aside 100 billion yen as acquisition war chest
- Strategy would focus Sharp on Internet-connected electronics
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Innovation Network Corp. of Japan is pitching Sharp Corp.’s board on plans to create a Japanese smart home-appliances giant, as the state-backed fund seeks support for its bailout bid over a rival offer from an overseas bidder, people with knowledge of the matter said.
INCJ, which has offered to inject about 300 billion yen ($2.6 billion) of new funds into Sharp, aims to use about 100 billion yen of that amount for acquisitions of other domestic appliance businesses, one of the people said. The Japanese fund is also preparing a bid for Toshiba Corp.’s white-goods unit, which it would then merge with Sharp, the people said, asking not to be identified as the information is private.