Foxconn shares suspended due to “major announcement” expected to be Sharp acquisition
It looks like the on-off acquisition of display-maker Sharp by iPhone assembler Foxconn is back on. The WSJ reported earlier that the two companies have been discussing a significantly lower valuation for the company, and Reuters now reports that share trading in Foxconn has been suspended due to a “major announcement.”
Japan’s Sharp Corp and Taiwan’s Foxconn are set to sign a merger deal this week after repeated delays, with the two sides set to agree on a smaller bailout than originally planned for the troubled Japanese electronics maker, two sources familiar with the talks said.
The deal is expected to be finalised during board meetings by both companies tomorrow for around $2B less than originally discussed, after a rather stormy journey.