Sharp's board has approved the deal, but now Foxconn said to delay the deal.
In a breaking development, Foxconn has delayed the $6.24 billion Sharp takeover deal. Sharp's board has just approved the deal today and issued the financial details of the take over.
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It is an historic deal that is hurting the Japanese soul. Sharp is one of Japan's oldest technology companies and will now be owned by a Taiwanese company. The deal is though not signed yet as Foxconn just said to delay the signing because of a new document that Sharp sent to Foxconn.
It is not clear yet what the problem is that caused Foxconn to delay the takeover. Hon Hai Precision aka Foxconn only said according to the BBC that it needs to clarify the new received information.
Update: The Wall Street Journal reports that the issue about Contingent liabilities in area of about $3 billion. This could could blow up the deal. Contingent liabilities are costs that Sharp might face in the future, based on the outcome of lawsuits, accounting changes, supply contracts or other things.
Sharp has been in financial turmoil and is looking for a buyer since a while. The 1912 founded company employees over 50,000 people.