”Sharp on Thursday became Japan’s first major electronics maker to be acquired by a foreign company.
In the morning, Sharp’s board decided to accept a roughly 700 billion yen ($6.2 billion) takeover offer from Taiwan’s Hon Hai Precision Industry.
The board of Hon Hai, better known as Foxconn, also is to meet on Thursday and officially decide on the acquisition.
The two companies will hold a press conference to announce details of what Foxconn intends to do with the Japanese corporate icon, known for its high-end liquid crystal display panels.
It appears, however, that Foxconn is to gain a majority of Sharp’s shares through a new issue. It is also expected to send board members to Sharp. During negotiations, Foxconn Chairman Terry Gou was apparently keen on keeping Sharp’s main businesses, except its solar panel division. As for layoffs, Gou has said no one 40 and under will be let go…..”
Source: Nikkei Asian Review – http://asia.nikkei.com/Business/Deals/Acquisition-of-Sharp-a-first-for-Japan-Inc
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