Yesterday Patently Apple posted a report titled "Toshiba will Reportedly Announce today that they've Chosen the Bain, SK Hynix, Apple Bid for its Memory Business." The report noted that news of the sale was ahead of an Official Toshiba statement that was expected by day's end. The notice was made public late in the day as expected in a document titled "The official Notice of Sale fo Toshiba Memory Corporation (TMC)."
The PDF published yesterday states in-part that "Toshiba Corporation, as approved by its Board of Directors today, has decided on the sale of all shares of Toshiba Memory Corporation (TMC), a wholly owned subsidiary of Toshiba, to K.K. Pangea (Pangea), a special purpose acquisition company formed by Bain Capital Equity, LP (including its affiliates, Bain Capital) led consortium (the Consortium), and to enter into a Share Purchase Agreement (SPA) with Pangea.
With the aim of ensuring a stable business transfer, Toshiba will invest 350.5 billion yen in Pangea, and Toshiba will also be entitled to related financial benefits, such as dividends. For more details, read the full PDF here.
While it's an established fact that SK Hynix and Apple are part of the deal, the official document only refers to them as 'affiliates' and part of the 'Consortium.'
Today Toshiba published a new notice titled "Notice on the Extraordinary General Meeting of Shareholders' that can be viewed in full in a PDF here. The document covers Toshiba's significant financial losses suffered by the withdrawal from the nuclear power business outside of Japan and more. The Extraordinary general meeting of shareholders regarding the sale of TMC to Pangea (Bain Capital) will be held in Japan on October 24, 2017.
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