September 15, 2017 / 3:01 AM / 10 months ago

Bain says would honour Western Digital contract in Toshiba chip venture

TOKYO, Sept 15 (Reuters) - Bain Capital confirmed it brought in several strategic partners to bolster its bid for Toshiba Corp’s memory chip business, after the Japanese company agreed to accelerate talks with a group led by the U.S. private equity firm.

Bain, which has been working with SK Hynix on an offer for Toshiba’s chip unit, said its latest proposal “brings in a broad list of strategic partners including Apple, Dell, Kingston and Seagate who will provide capital in a sign of industry-wide support for an independent Toshiba.”

Addressing opposition from Toshiba’s joint venture partner Western Digital, which has put in a rival bid and has said it must consent to any deal, Bain said it would honour “all the contractual terms of the Western Digital joint venture”. (Reporting by Ritsuko Ando; Editing by Muralikumar Anantharaman)

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