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Sharp Agrees to Be Acquired But Foxconn Says Not Yet

By Korbin Lan
Published: Feb 25,2016

TAIPEI, Taiwan - Sharp announced today that the comoany agreed to accept Hon Hai/ Foxconn’s reconstruction program of JP¥700 billion, and to be auguired by Foxconn. However, Foxconn said that the two sides have not reached a consensus.

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In order to reach a final decision, Sharp today held a interim meeting of the board to process the ultimate voting. After the meeting, Sharp issued a statement to agree the acquisition from Foxconn.

Sharp particularly pointed out four promise from Foxconn in its statement, which Foxconn have to implement. First, continue to use Sharp's brand; Second, to maintain the independence of Sharp; Third, to maintain the employment of staff; four, not leak Sharp’s display technology.

However, Foxconn in the evening issued a statement that Sharp delivered a key document yesterday to Foxconn. Currently they are still clarifying the content of document. Foxconn said that they will hold off the contract until the two sides have reached a consensus.

However, Foxconn also stressed that they will clarify the document as soon as possible, to reach a successful conclusion of this transaction.

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