Taiwan's Foxconn (2317.TW) has detailed its offer for troubled electronics maker Sharp Corp (6753.T), a person with direct knowledge of the talks said, potentially complicating a rescue bid led by a Japanese state-backed fund.
Innovation Network Corporation of Japan (INCJ), still seen as a front runner, will go head-to-head with Foxconn in the bidding for Sharp, and its third bailout in under four years.
Foxconn, formally known as Hon Hai Precision Industry, had already offered over 600 billion yen for Sharp but had stopped short of detailing a restructuring plan, people with knowledge of the matter had said last week, dampening enthusiasm for its proposal among Sharp advisers.
The company has now provided details to Sharp and its lenders, including a promise not to cut jobs, and Foxconn founder and chairman Terry Gou has also met government officials on Tuesday to discuss the offer, the person said, declining to be named as the information remains confidential. read more here