Taiwan-based Apple supplier Foxconn is pressing for a deal that would give it 25% of Toshiba's chip manufacturing business with Apple controlling 20% of the equity, according to Bloomberg.
Toshiba is spinning-off its core memory chip business and seeking outside investors in it. Apple could be interested as the move would allow it to lock in memory technology for its iPhone and other products.
Foxconn has broad support for its offer from Apple, Sharp, and SoftBank and is ready to proceed right away, Louis Woo, a spokesman for the company, told Bloomberg. He didn’t specify how much Foxconn is offering for the business, but “people familiar with the matter” say it’s bidding more than the two rival groups led by KKR & Co. and Bain Capital, the article adds.