Terry Gou, the billionaire behind Apple Inc.'s iPhone factories, is pressing his case to acquire Toshiba Corp.'s memory chips business in a last ditch effort to beat out two American buyout firms in the tumultuous auction.
Gou's Foxconn Technology Group has broad support for its offer from Apple, SoftBank Group Corp. and Sharp Corp. and is ready to proceed right away, said Louis Woo, a spokesman for the company, whose primary listed arm is Hon Hai Precision Industry Co. He declined to specify how much Foxconn is offering for the business, but people familiar with the matter have previously said it is bidding more than the two rival groups led by KKR & Co. and Bain Capital.
"The bid speaks for itself. It is deal certainty," said Woo. "What this customer consortium means is that it will provide steady funds to Toshiba to advance their R&D. At the same time, it's a guarantee there will be more customers lining up to buy their products when they increase their capacity or have better products."
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