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WD: 'We do not care what Toshiba wants'
After Toshiba’s selection of a consortium led by Korea-based SK Hynix Inc. and Bain Capital Japan, as the preferred bidder for Toshiba’s interests in three NAND flash-memory JVs operated with SanDisk, Westerd Digital remains unimpressed.
"Toshiba Corporation continues to ignore both SanDisk’s consent rights and the dual-track legal process currently underway. The language of the relevant agreements is clear: Toshiba Corporation has no right to transfer its JV interests to a third party without SanDisk’s consent. SanDisk has not given its consent to any transaction, and will continue to protect its JV interests and preserve its rights through both its request for injunctive relief and the arbitration process", a statement reads.
On June 15, 2017, Western Digital’s SanDisk subsidiaries filed a request for injunctive relief seeking to prevent Toshiba Corporation from transferring its JV interests until the request of the subsidiaries for injunctive relief in arbitration is decided by the arbitral tribunal. The arbitration filed on May 14, 2017, with the ICC International Court of Arbitration continues to move forward in parallel. (The hearing for injunctive relief is scheduled for July 14, 2017.)
