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Bain, INCJ Said to Offer $19 Billion for Toshiba Chip Unit

  • The group includes Japanese state-backed funds INCJ and DBJ
  • Other leading contender is Broadcom, with 2.2 trillion yen bid
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Bain, INCJ Said to Offer $19B for Toshiba Chip Unit

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A group led by Bain Capital LP and Japanese investors has offered about 2.1 trillion yen ($19 billion) for Toshiba Corp.’s semiconductor division, emerging as a leading bidder in the hotly contested auction, according to people familiar with the matter.

The U.S. private equity firm has the backing of state-supported Innovation Network Corp. of Japan and Development Bank of Japan, seen as essential in winning government approval for an acquisition, said the people, who asked not to be identified because the matter is private. Bain is also in talks with KKR & Co., which led a rival bid, to join the consortium, one of the people said. Toshiba shares rose 1.6 percent to close at 321.6 yen in Tokyo on Friday.