Following an initial bid of $5.4bn, Foxconn's new offer is reported to have been accepted by the Japanese display manufacturer – but the manufacturer of the iPhone still wants to seal the deal.

The Nikkei Asian Review reports that Sharp has accepted a takeover bid from Foxconn - but it seems the company is not quite ready to sign on the dotted line. 

Foxconn, the manufacturing giant responsible for manufacturing the iPhone, has now bid around $1bn more than it offered back in January.

However, despite reports of the deal being accepted, The Wall Street Journal claims Foxconn is putting the deal on hold after receiving a list of contigent liabitilies - costs that may arise in the future. The report does go on to state that Foxconn is still keen to complete the deal.

In a statement, Foxconn said: “We have to postpone the signing before both sides can reach an agreement. We hope to clarify it quickly and to bring this deal to a successful conclusion.”

Sharp was reportedly holding off on accepting a bid from Foxconn, preferring to negotiate with Japanese investment fund, The Innovation Network Corp. of Japan (INCJ). The fund had previously bid 300 billion yen ($2.6bn) for Sharp. 

More after the break

Sharp has been under increasing financial pressure in the past few years, with the American side of the business being sold to Hisense in July 2015.

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