Foxconn Raises Its Offer For Sharp While Rival Bidder Remains On The Sidelines

According to the Wall Street Journal, Foxconn raised its offer to acquire Sharp, the struggling Japanese electronics manufacture.

Foxconn is best known for being a key manufacturer of Apple Inc. (NASDAQ: AAPL) devices. However, the company has been eyeing an acquisition of Sharp to expand its business line and sell its own branded products directly to consumers.

Related Link: Report: Apple Supplier Foxconn Eyes $5.3 Billion Acquisition Of iPhone Display Maker Sharp

The Wall Street Journal reported on Friday that Foxconn raised its offer to acquire Sharp to offer 659 billion yen (approximately $5.45 billion USD) from a previous 625 billion yen.

Meanwhile, the Innovation Network Corp of Japan (INCJ), a public-private partnership between the government of Japan and 19 major corporations, was also said to be interested in acquiring Sharp and combining parts of its business with Japan Display Inc, in which the fund is the top shareholder.

Reuters, citing its sources, reported that the INCJ was expected to present a plan of action that may have included a capital injection of 300 billion yen into Sharp and up to 350 billion yen of financial assistance from the company's 2 main lenders. However, the fund's Executive Director Tetsuya Hamabe told reporters, "No formal decision has been made."

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