Foxconn puts new $6.3bn bid for Sharp on hold

null

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.

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.

MORE: Best TVs 2016