A PYMNTS Company

US: California court’s postpones Toshiba’s decision

By  |  July 16, 2017

A California court has postponed judgment on Western Digital’s request to stop partner Toshiba’s sale of its memory chip business, leaving the Japanese company’s plan in limbo.

A judge had been expected to issue a ruling in the case on Friday, with some prognosticators saying the San Francisco County Superior Court would block Toshiba’s plan to sell the prized unit to its favored suitor, a consortium led by the public-private Innovation Network of Japan as well as Japanese, US and South Korean companies.

With the postponement, to next Friday, Toshiba has at least avoided the worst-case scenario of having negotiations halted; it can continue talks with buyers. Still, the court ordered Toshiba not to complete any sale until Friday.

This is a blow to the hobbled Toshiba, which had wanted to complete the sale of Toshiba Memory in May.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.