(Reuters) - Taiwan’s Foxconn Technology Co Ltd 2354.TW has raised its offer for troubled Japanese electronics maker Sharp Corp 6753.T to 659 billion yen ($5.44 billion), a deal that would dilute existing stockholders, the Wall Street Journal reported citing people familiar with the matter.
Foxconn is not looking to buy out Sharp shareholders. Rather, the company would inject 389 billion yen into Sharp in exchange for new shares, after which it would hold a roughly two-thirds stake, one of the sources told the Journal. (on.wsj.com/1QwXBX7)
Foxconn has also offered to buy 225 billion yen worth of preferred shares held by Sharp’s two main banks, Mitsubishi UFJ Financial Group Inc 8306.T and Mizuho Financial Group Inc 8411.T, people familiar with the matter told the Journal.
Reporting By Lehar Maan in Bengaluru