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Foxconn to cut offer for Sharp by $900 Million:Report

Sharp’s board is reportedly planning to meet late this month to consider the lower offer, made after Sharp’s condition deteriorated further and Foxconn discovered 300 billion yen in additional contingent liabilities.

“Contract manufacturer Foxconn is expected to reduce its offer for troubled Japanese electronics maker Sharp by about JPY100 billion ($898 million) to JPY390 billion, Japan’s Jiji News reported. Foxconn, also known as Hon Hai Precision, is looking to lower its offer of JPY118 per share by about 20 percent.”

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