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© joingate dreamstime.com Electronics Production | February 25, 2016

Sharp just agreed to Foxconn's takeover offer

On Thursday, Sharp announced that it has decided to accept Foxconn's takeover offer valued at JPY 700 billion, or USD 6.2 billion.
The decision also makes Sharp Japan's first major electronics maker to be acquired by a foreign company, according to a report in Nikkei.

During the negotiations, Terry Gou, CEO of Foxconn, reportedly said that he wanted to keep Sharps core businesses, but not its solar panel division. He also said that no one under the age of 40 will be laid off.

In order to fully have control of the Japanese company, Foxconn will also buy assets of a JV it already has with Sharp, Sakai Display Products, an LCD factory in Osaka, the report continues.

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