Western Digital Offers To Buy Toshiba's Chip Unit For $17.8B, Japan Times Says

Western Digital (WDC) has offered to buy Toshiba's (TOSBF, TOSYY) chip unit for $17.8B, The Japan Times reports, citing sources.

According to the sources, Western Digital will put up Y1.5T through convertible preferred shares and ask Innovation Network Corp. of Japan and the state-owned Development Bank of Japan to provide nearly Y500B for common equities.

Western Digital CEO Steve Milligan and Toshiba President Satoshi Tsunakawa are expected to hold talks today over a potential deal, with sources noting that Toshiba has been "reluctant" to accept the plan.

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