The Wall Street Journal. reports Apple assembly partner Foxconn has made a ¥625 billion (around $5.3 billion) offer to acquire troubled Japanese electronics manufacturer Sharp.
Foxconn is not the only suitor for Sharp, as the report notes another offer, from the Innovation Network Corporation of Japan (INCJ), possibly in the range of $2.5 billion (¥300 billion), has been made. INCJ already has controlling shares in Japan Display, a joint 2012 venture by Hitachi, Sony, and Toshiba.
Sharp experienced a net loss of nearly $1.9 billion in the fiscal year that ended in March 2015. The company is attractive to suitors partially due to its contract with Apple to supply LCD displays for its current lineup of iPhones. The company also manufactures televisions, audio equipment, home appliances, and other related products.
Foxconn is reportedly set to take on all of Sharp’s debt in a bid to persuade the Japanese firm’s creditors to accept its bid for the company. Sharp is due to pay around $4.3 billion to its creditors before a March deadline.
Foxconn’s exact plans for Sharp are not known at this time. As a side note, Foxconn chairman Terry Gou acquired a 38% personal stake in a Sharp display factory located in Sakai, Japan back in 2012.