Sharp agrees to Foxconn takeover

(Telecompaper) Sharp has agreed to a takeover bid from Taiwan's Hon Hai Precision Industry. Hon Hai, better known as Foxconn, is expected to acquire a majority stake in Sharp by buying JPY 489 billion in new shares issued by the company. In addition, Hon Hai plans to purchase half of the shares held by Sharp's creditors for JPY 100 billion. Sharp chose Foxconn's takeover bid over support from the Innovation Network Corp of Japan, a state-backed fund. Sharp said the offer from Foxconn i