After failing to reach a deal with a preferred bidding group before a self-imposed deadline, Toshiba will once again openly consult potential suitors in order to sell off its semiconductor unit.
Reuters reports that the Japanese conglomerate, which itself will not name the other bidders, is working offers from Western Digital and Foxconn as well as the preferred group that’s led by Bain Capital, SK Hynix and two firms related to the Japanese government.
SK Hynix was reportedly looking to get convertible bonds out of the deal which could allow it to take equity in the business as opposed to just operating it. Ironically, to curry favor with the same government that’s backing that bid, Toshiba has been insistent on keeping all equity within Japanese firms.
Toshiba has also been skeptical of Western Digital’s bid — that company bought off Toshiba partner SanDisk last May.
Toshiba could gain more than $18 billion out of this sale, money it needs to keep its balance sheets at levels where the company can still be listed on the Tokyo Stock Exchange.