Equities

Reuters reveals Western Digital offers to exit Toshiba chip bid for better JV terms

Reuters reveals Western Digital offers to exit Toshiba chip bid for better JV terms

Days after Toshiba failed to meet its own target date to agree on a buyer for its prized semiconductor business, Reuters reported that Western Digital has made a compromise proposal, offering to drop out of the bid to avert antitrust concerns, in return for getting a stronger position in its joint venture with Toshiba. The development marks a step forward in the stalled deal, which is key to allowing the Japanese conglomerate to plug a hole in its finances from its bankrupt U.S. nuclear operations.Toshiba stock jumped 4.8 percent after the Reuters exclusive was published and major Japanese media rushed to match the story.