Advertisement

HindustanTimes Tue,30 Sep 2014

Sharp rejects Samsung offer to buy copier business

Reuters  Tokyo, March 13, 2013
First Published: 16:42 IST(13/3/2013) | Last Updated: 16:44 IST(13/3/2013)

Sharp Corp rejected an offer by Samsung Electronics Co. to buy its copier and printer unit as part of a deal that will see Samsung invest $110 million in return for a 3 percent stake.

Advertisement



"We did get a proposal from Samsung, but we declined," said Sharp spokeswoman Miyuki Nakayama. She would not say how much Samsung offered and why Sharp refused.

Sharp needs to repay a $2.1 billion convertible bond due in September and selling the profitable copier business would help raise cash, but it would also diminish the company's cashflow.

The copier unit manufactures photocopiers, printers and fax machines for offices.

Sharp in December won an agreement from Qualcomm to invest as much as $120 million. Analysts expect the company to resort to fresh equity financing to bolster its cash reserves before September.


Advertisement
more from Business

24x7 power: World Bank offers Centre a plan

The World Bank has submitted a detailed action plan that could help the government meet its objective of supplying power 24x7 in the country, with focus on bringing down distribution losses, improving infrastructure and expanding solar power.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved