Taiwan-based Hon Hai Precision Industry, the holding company of Foxconn, has invited SoftBank Group to join its bid to acquire Sharp, Nikkei reports. Foxconn thus hopes to close the deal by bringing in a Japanese partner and a major buyer of the manufacturer's mainstay smartphones. According to the same source, Foxconn plans to hold a controlling interest in Sharp, while SoftBank would take 10-20 percent of Sharp.
However, on 10 February, SoftBank CEO Masayoshi Son said the potential involvement in Sharp's restructuring is well outside SoftBank's territory. Foxconn reportedly offered nearly JPY 700 billion (approximately USD 6.21 billion) to support Sharp, and plans to reach an agreement by end-February. Foxconn will have to counter a competing bid by public-private group Innovation Network of Japan.
