Sharp is handing priority negotiating rights to Taiwan’s Hon Hai Precision Industry, giving the Apple supplier the lead over a Japanese state-backed body in their takeover battle for the struggling electronics group, according to people familiar with the matter.
A win for Hon Hai would be a rare foreign acquisition of a century-old Japanese company. Previous attempts have been thwarted by the government and Japanese business communities.
The Taiwanese manufacturer’s promotion marks a reversal of fortunes in the tussle, which has intensified in recent weeks with Sharp’s board members and its banks deeply divided over whether they should consider Hon Hai’s offer totalling nearly Y700bn ($5.9bn).
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