Toshiba may delay chip auction after widening sale to majority stake – source
#Toshiba Corp (6502.T) may delay the sale of its prized flash-memory chip unit after the conglomerate said it would consider selling most, even all, of the marquee business, a person with direct knowledge of the matter said. “It’s moving in that direction (of a delay),” the source said late on Wednesday, on condition of anonymity as the discussions weren’t public. As Toshiba’s plans for the sale have changed, “the bidders are having various thoughts.” The TVs-to-nuclear conglomerate is scrambling for cash to stay in business as a multi-billion-dollar hole has emerged in recent months in its nuclear business. Toshiba shares sank 9 percent on Wednesday after the company said it would book a $6.3 billion hit to its U.S. nuclear unit and would consider selling more than the originally planned stake of less than 20 percent of the flash-memory chip business. Changing the rules of the chip auction, which sources have said has generated bids of 200-400 billion yen ($1.8-$3.5 billion), could push the sale beyond Toshiba’s planned deadline of the March 31 end of the business year, the source said. Loosening the deadline would ease concerns about trying to hurry any antitrust reviews, increasing the number of potential buyers and potentially improving the offers, he said.