Toshiba also noted, however, that the agreement is non-binding and "does not eliminate the possibility of negotiations with other consortia".
A win by Western Digital would fortify its strong and growing presence in the memory-chip market - chips that are used broadly in smartphones, memory cards, USB drives, solid-state drives, digital cameras and other devices. The sale iinvolves 18 Billion and is sold to a consortium in which Western Digital (who past year acquired Sandisk as well) has a large stake.
The consortium led by private equity firm Bain Capital has increased its bid for Toshiba Memory Corporation in a bid to regain the initiative in the auction of the Japanese company's highly rated semiconductor business.
Toshiba is hoping to quickly sell the chip unit to cover up massive losses stemming from its now-bankrupt USA nuclear unit. After months of negotiations, legal battles and boardroom meetings, Toshiba has picked the USA company, according to Japanese news outlet Nikkan Kogyo. Although reports earlier today suggested a deal had been arranged with Western Digital, an article from Reuters has revealed it is Bain's bid that's now being pushed through. There are plenty of places on Investors.com to research and find top stocks, but when you're looking to get a broader idea on top tech stocks, IBD's Tech Leaders feature is worth reviewing.
Irma Is Now a Tropical Storm
Ward says between 400 and 500 homes received severe flood damage but there have been no serious injuries or deaths. Florida Governor Rick Scott said Florida Highway patrol will begin escorting fuel trucks to resupply gas stations.
Other members of group, which is offering 1.9 trillion yen ($17.4 billion), will include the Innovation Network Corp of Japan and the Development Bank of Japan as well as KKR, with each putting up 300 billion yen, they said. Morgan Stanley upgraded shares of Western Digital Corporation from an equal weight rating to an overweight rating and raised their target price for the stock from $81.00 to $120.00 in a report on Friday, April 28th. Stifel Nicolaus reaffirmed a buy rating and issued a $120.00 price objective (up previously from $105.00) on shares of Western Digital Corporation in a report on Saturday, April 29th.
"We think the outcome is a positive for Western Digital", Daryanani wrote.
A breaking report out of Japan this evening states that Western Digital has won the bidding process to take over a portion of Toshiba Memory. It's now unclear how much involvement Western Digital desires to have in the business. NAND flash consumption has exploded over the last 5 years.