News that Sharp's latest debt list covers the worst-case scenario
2016-02-29 00:00
NetEase Technology News, February 28, according to Reuters, Sharp's latest debt list prompted Foxconn to suspend the signing of the acquisition agreement, but the source said that the debt list is an unverified study of the worst-case risk, not The required disclosure of debt.
Earlier, another source revealed that Sharp's debt list was submitted to Foxconn on Wednesday, including Sharp's previously undisclosed potential liabilities of about 300 billion yen (approximately US $2.6 billion), which prompted Foxconn founder Guo Taiming to suspend signing with Sharp. The transaction, the size of which is estimated to be $5.8 billion.
It is not possible to determine why Sharp submitted this debt list to Foxconn, which is officially called Hon Hai Precision Industry Co., Ltd. Sources who spoke on condition of anonymity told Reuters on Saturday that Sharp officials did not plan to share the debt list with Foxconn.
Sources said that the debt list includes unlikely events or risks, and its scale far exceeds the "contingent debt" required to be disclosed ". But the source did not elaborate on this.
Sharp declined to comment. The company said in a statement on Friday that it had correctly disclosed its "contingent liability", which stood at about 80 billion yen at the end of 2015.
Another source said that late Friday, Foxconn and Sharp agreed to extend the deadline for acquisition negotiations by 1-2 weeks. Previously, the two companies set Monday (February 29) as the deadline for acquisition negotiations.
If Sharp and Foxconn overcome the latest hurdle and finally sign a deal, it would be the largest acquisition by a foreign company in Japan's closed technology industry.
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2016-03-15
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