Innovation Network Corp. of Japan is making the case to Sharp Corp. that its rescue proposal for the electronics maker is worth more than an offer from Taiwan's Hon Hai Precision Industry Co., a sign the government fund is determined to keep fighting for victory in the takeover battle.
The state-backed fund proposed a package of cash, asset sales and support from lenders that it says is worth ¥1 trillion, according to documents INCJ presented to Sharp and obtained by Bloomberg News. Hon Hai, also known as Foxconn Technology Group, is offering about ¥660 billion for the company, a person familiar with the matter has said.
INCJ's proposal included a ¥300 billion cash infusion for Sharp as well as ¥350 billion in support from its lenders, according to the documents. The fund also proposed raising ¥150 billion from its stake in Sakai Display Products Corp. and ¥200 billion in financing.
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