As Sharp Corp. struggles to stay afloat, the Japanese electronics maker is allegedly in the final phases of deciding between rescue offers from Taiwan's Foxconn and the Innovation Network Corp. of Japan (INCJ), according to Reuters via Yahoo! News.
Sources familiar with the matter, who have opted to remain anonymous, have further stated that Sharp's 13-member board met on Saturday to discuss the rival takeover proposals. The results of the board's discussions will allegedly be announced on Thursday, a day after the company's regularly scheduled meeting.
Though Sharp has had multiple offers in the past, including from South Korean tech giant Samsung, the ailing Japanese electronics manufacturer is allegedly leaning toward Foxconn's offer, reports ZDNet.
Foxconn has allegedly offered Sharp an investment of $5.9 billion, far above INCJ's offer of $2.65 billion. However, INCJ chief executive Toshiyuki Shiga has announced that its offer, though less than Foxconn's, would benefit the beleaguered electronics company more.
"People often compare the bid price offered by us and Foxconn, but the concept of our plan is totally different from Foxconn's. We want to create an entity that can compete in the world," Shiga said, reports The Wall Street Journal.
Sharp, however, seems intent on following up with the Foxconn deal, with the company recently sending a delegation to Taiwan to negotiate. As for Foxconn, Chairman Terry Gou is optimistic about the Sharp deal, stating that he hopes that a deal would be signed by the end of February.
