TOKYO May 19 U.S. buyout firm Bain Capital LP
plans to bid around 1.5 trillion yen ($13.5 billion) for a
majority stake in Toshiba Corp's chip business, people
with knowledge of the matter said.
The bid will be made in partnership with South Korea's SK
Hynix Inc but the chip maker will not take a leading
role due to anti-trust concerns, the people said, declining to
be identified as they were not authorised to speak on the
Bain's bid will allow Toshiba and the management of the
memory chip business to own a sizeable holding in the chips
unit, the people said, adding that keeping management in place
will help the business grow faster.
A Hong Kong-based representative for Bain declined to
comment. SK Hynix declined to comment.
The Japanese TVs-to-nuclear conglomerate plans to close a
second-round of bidding for the world's second-largest NAND chip
manufacturer on Friday but much of the sale is uncertain.
Business partner Western Digital Corp, which jointly
runs Toshiba's main semiconductor plant and is one of the
suitors for the chip unit, is seeking to block any sale that
does not have its consent.
Crisis-wracked Toshiba, which is depending on the sale to
cover a $9 billion hole in its accounts due to problems at now
bankrupt unit Westinghouse, is also open to entertaining new
bids after the second round closes, a person with knowledge of
the matter has said.
($1 = 111.2400 yen)
(Reporting by Junko Fujita in Tokyo and Se Young Lee in Seoul;
Editing by Edwina Gibbs)