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  • jkabtech 4:17 am on July 10, 2018 Permalink | Reply
    Tags: digital, ,   

    How to Buy US Digital PSN Games in India 

    Every now and then, we have readers emailing us asking why the Indian PlayStation Network (PSN) does not accept debit cards from banks such as HDFC and SBI. While Sony has been dragging its heels on ensuring widespread support for cards issued from all Indian banks, there is a way for you to still get your digital purchases, such as PSN-only games like Everybody’s Gone to the Rapture  or PS

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  • jkabtech 4:17 am on April 15, 2018 Permalink | Reply
    Tags: digital, Last-Ditch, , , ,   

    Western Digital Said to Raise Toshiba Chip Offer in Last-Ditch Bid 

    Western Digital Corp plans to raise its offer for Toshiba Corp’s prized semiconductor unit to $18 billion or more, a person familiar with the matter said, in a last-ditch effort to clinch a deal both companies consider vital.

    The US chipmaker is part of a consortium led by a Japanese government-backed fund. The group will present the new offer of JPY 2 trillion or more by Thursday, when the struggling Japanese conglomerate is due to choose a preferred bidder for its Toshiba Memory Corp unit, the world’s second-largest producer of NAND memory chips, the person told Reuters on Saturday.

    Toshiba has been favouring a rival bid from US chipmaker Broadcom Ltd, which has partnered with US private equity firm Silver Lake to offer JPY 2.2 trillion, people familiar with the matter have told Reuters.

    A spokesman for Western Digital had no comment. Toshiba could not immediately be reached for comment.

    Toshiba had set a JPY 2 trillion threshold for the sale as it rushes to find a buyer to cover billions of dollars in cost overruns at its now-bankrupt US nuclear business Westinghouse Electric Corp.

    The offer by Western Digital, a long-time partner of the laptops-to-nuclear conglomerate’s lucrative chips division, comes as uncertainty about the make-up of the groups bidding for Toshiba’s crown jewel has increased.

    Western Digital has been seen by some sources as crucial to successful deal, as it jointly operates a key flash-memory chip plant with Toshiba in western Japan.

    At loggerheads
    But the two companies have been at loggerheads over the auction. Western Digital is pursuing an international arbitration claim that Toshiba has breached joint-venture contracts by entertaining outside bids.

    Western Digital argues that the sale cannot proceed without its consent but the US firm will drop its claim if Toshiba agrees to the new offer, the source said on Saturday.

    Toshiba is concerned an acquisition by Western Digital would run into antitrust objections from China and elsewhere as the US firm is the world’s third-largest NAND producer behind South Korea’s Samsung Electronics Co and Toshiba.

    To counter those concerns, the Western Digital portion of the consortium’s new offer will be in the form of a debt purchase whereas the US firm had previously been looking for an equity stake in Toshiba Memory, the source said.

    The Japan-Western Digital consortium initially offered JPY 1.6 trillion, sources have said. CEO Steve Milligan then raised the offer to close to JPY 2 trillion on Friday in a meeting with Toshiba CEO Satoshi Tsunakawa, the source said on Saturday.

    But Toshiba expressed dissatisfaction with Friday’s bid. “Our concerns about the prospects of success for a deal were not wiped out,” a Toshiba spokeswoman said.

    That set the stage for the latest offer of JPY 2 trillion, or more.

    In Friday’s meeting, Toshiba’s Tsunakawa asked if Western Digital “could further increase the price”, the source said, adding that the US firm would modify its proposal, “to align with their thinking”.

    Western Digital’s new offer will also include a commitment to $25 billion (roughly Rs. 1,61,083 crores) in capital spending for the joint venture’s Yokkaichi facility, including building two fabrication plants, the source said.

    It will also pledge $39 billion (roughly Rs. 2,51,276 crores) for research and development and money to boost the local economy, while expanding the workforce there by five percent a year for two years, he said.

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  • jkabtech 12:17 pm on April 11, 2018 Permalink | Reply
    Tags: , , digital, , ,   

    Western Digital Moves to Court in a Bid to Block Sale of Toshiba Chip Unit 

    Highlights WD has sought a court injunction to stop Toshiba’s chip unit sale The court injunction details that Toshiba needs to take WD’s consent Toshiba wants to complete the deal as quickly as possible

    Western Digital Corp has sought a court injunction to prevent Toshiba Corp from selling its chip business without the US firm’s consent – a move that threatens to throw the fiercely contested auction into disarray.

    The escalation in the spat between Western Digital, which jointly operates Toshiba’s main chip plant, and its business partner follows tense last-minute jockeying by suitors for the world’s second-biggest producer of NAND semiconductors.

    According to a person familiar with the matter, the California-based firm has been left out of a new Japan government-led group being formed to bid for the unit.

    Toshiba’s “attempts to circumvent our contractual rights have left us with no choice but to take this action,” Western Digital’s Chief Executive Steve Milligan said in a statement.

    Japan Urges Toshiba, Western Digital to Get Along as Chip Spat Flares

    “Left unchecked, Toshiba would pursue a course that clearly violates these rights,” he added.

    Western Digital has filed its suit with the Superior Court of California, seeking an injunction until its arbitration case against Toshiba is heard. It is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction process, a second source said.

    The second source added it had submitted a revised bid on Wednesday that satisfies Toshiba’s requests on deal certainty and price but did not receive a favourable response. Toshiba has demanded at least JPY 2 trillion ($18 billion) for the unit.

    Sources declined to be identified due to the sensitivity of the negotiations concerning the auction.

    Toshiba said in a statement that it was proceeding with selecting a preferred bidder for its memory unit by the second half of June as planned and hoped to reach a definitive agreement on a sale by June 28.

    Toshiba wants to complete the deal as quickly as possible to help cover billions of dollars in cost overruns at its now-bankrupt Westinghouse nuclear unit and to dig itself out negative shareholders’ equity that could lead to a delisting.

    Satoru Oyama, senior principal analyst at research firm IHS, said Western Digital’s argument made sense from a common-sense point of view and that developments were moving towards a worst-case scenario for the Japanese company.

    “Toshiba has more to lose in the dispute because it is running out of time,” he said. “Toshiba and Western Digital eventually have to talk. They cannot afford to keep fighting when Samsung is taking advantage of the NAND market boom and investing massively.”

    A third source familiar with the matter said Western Digital expects to get a ruling on its injunction request by mid-July and that arbitration cases generally take 16-24 months to resolve.

    A state-backed fund, the Innovation Network Corp of Japan (INCJ), has been at the centre of trade ministry efforts to forge a successful bid that will keep the highly prized unit under domestic control. But the nature of its partnerships appears to be going through drastic changes compared to just last week.

    It has been in talks with Bain Capital and the group now includes South Korea’s SK Hynix Inc, sources have said.

    INCJ was, however, also part of a proposed bid tabled by Western Digital last week that also included US private equity firm KKR & Co LP, other sources familiar with the matter have said.

    Other bidders include Foxconn, the world’s largest contract electronics maker. Foxconn, formally known as Hon Hai Precision Industry, is leading a consortium that includes Apple Inc computing giant Dell Inc and Kingston Technology Co.

    The highest known bid so far is one from US chipmaker Broadcom and its partner, US private equity firm Silver Lake. They have offered JPY 2.2 trillion, sources have said.

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  • jkabtech 4:17 am on April 6, 2018 Permalink | Reply
    Tags: , digital, , , Willing   

    Toshiba Says It’s Willing to Talk With Western Digital About Chip Unit Sale 

    Highlights Toshiba said it was open to talks with Western Digital in their dispute WD has sought a court injunction to stop Toshiba’s chip unit sale Toshiba flagged a net loss of $9 billion for the year ended in March

    Toshiba said it was open to talks with Western Digital in their dispute over the sale of the Japanese conglomerate’s prized chip unit – an apparent olive branch after it chose another suitor as preferred bidder.

    The two have been feuding bitterly and Western Digital, which jointly runs Toshiba’s main semiconductor plant, has sought a US court injunction to prevent any deal that does not have its consent.

    The softer tone from Toshiba comes on a day of further indignities as the crisis-wracked conglomerate saw itself demoted to the second section of the Tokyo Stock Exchange and estimated bigger losses for the past financial year.

    This week it chose a consortium of Bain Capital and Japanese government investors as preferred bidder for the unit, the world’s No. 2 producer of NAND flash chips. It wants to clinch a deal, worth some $18 billion, by June 28, the day of its shareholders meeting.

    Foxconn Says Pursuit of Toshiba Deal ‘Not Over’

    “Western Digital used to be a good partner, so we want to continue talks. I’m disappointed with the current dispute,” Toshiba CEO Satoshi Tsunakawa told a news conference, adding it was important that they joined forces to better compete against bigger rival Samsung Electronics.

    “We want Western Digital to jointly invest to fight against Samsung. It will be so disappointing if we can’t do so because of the dispute,” he said.

    But in a sign that tensions were still high, Tsunakawa also said Toshiba was not going to be the first to propose the US firm join the consortium and it was still considering whether to block Western Digital employees not based at the plant from accessing joint venture data servers.

    Tsunakawa also said he did not expect any changes to the make-up of the consortium before June 28.

    Western Digital’s offer had not found favour on price and because the US firm wanted to take control of the unit, he said, adding that he expected executives from Toshiba to still be running operations after the sale.

    His comments come after sources familiar with matter said earlier this week that the Bain consortium members had made resolving the dispute with Western Digital a condition of their investment.

    Representatives for Western Digital were not immediately available to comment.

    Hynix hurdles?
    South Korean chipmaker SK Hynix Inc is also part of the Bain consortium and its membership has raised concerns that the winning bid may find it difficult to clear anti-trust reviews.

    Its presence has made Western Digital reluctant to join the group in its current form due to worries that high-level technology for NAND chips, which provide long-term data storage, could be leaked to its rival, sources familiar with the matter have said.

    But Tsunakawa said SK Hynix would not be holding any equity and would not be involved in management – an arrangement that was unlikely to raise regulatory red flags and would prevent leaks of key technology information.

    SK Hynix, which is relatively weak in NAND flash memory chips, has said it has joined the group because it sees new business opportunities. It will provide half of the JPY 850 billion ($7.6 billion or roughly Rs. 49,262 crores) that Bain plans to put up in the form of financing, sources have said.

    Earlier in the day, Toshiba flagged a net loss of around $9 billion (roughly Rs. 58,060 crores) for the year ended in March with negative shareholders’ equity of around $5.2 billion, both worse than expected on an increase in liabilities at bankrupt nuclear unit Westinghouse and potential legal damages.

    With negative shareholder equity confirmed, the Tokyo Stock Exchange said it would move Toshiba’s listing to the second section of the bourse from August 1 – the latest in a series of humiliating developments since December for a firm that has been in business for more than 140 years.

    Toshiba also received regulatory approval to delay filing its annual earnings by more than a month amid a prolonged accounting investigation at Westinghouse. It is the sixth time since 2015 that Toshiba has delayed an earnings filing.

    Regulators have now given Toshiba until August 10 instead of June 30 to submit the filing. Failure to gain an extension would have put the troubled company’s stock exchange listing in further jeopardy, although it still needs to dig itself out of negative shareholders’ equity by the end of this financial year to stay listed.

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  • jkabtech 4:17 am on April 5, 2018 Permalink | Reply
    Tags: digital, Minute, Resubmits, ,   

    Western Digital Resubmits Bid for Toshiba Chip Unit at Last Minute 

    Highlights WD and KKR & Co has submitted a bid to prevent the Toshiba chip unit sale Western Digital earlier sought a US court injunction to prevent any deal WD will provide debt financing to facilitate a sale as part of the bid

    Western Digital Corp said it and US private equity firm KKR & Co LP have resubmitted a bid for Toshiba Corp’s prized flash memory chip unit – an eleventh hour effort to prevent Toshiba signing a deal with its preferred bidder.

    Western Digital, which jointly runs Toshiba’s main semiconductor plant, has been feuding bitterly with its Japanese partner over the sale of the world’s No. 2 producer of NAND chips and has sought a US court injunction to prevent any deal that does not have its consent.

    Toshiba is seeking to sign a definitive agreement with a group led by the Japanese government and including Bain Capital which has offered around JPY 2 trillion ($18 billion) – by Wednesday, the day of its annual shareholders meeting.

    Western Digital will provide debt financing to facilitate a sale as part of the bid, the US firm said in a brief statement.

    It was not immediately clear if the resubmitted bid had significantly changed from its previous offer tabled earlier this month.

    A representative for the California-based firm declined to comment further while a representative for KKR was not immediately available for comment. Toshiba did not have immediate comment.

    The crisis-wracked Japanese conglomerate is rushing to sell the unit to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit and to dig itself out of negative shareholders’ equity that could lead to a delisting.

    Toshiba’s board members are expected to gather and discuss whether to sign off on the Japanese government-led consortium’s bid on Tuesday.

    Western Digital’s previous bid also included state-backed fund, the Innovation Network Corp of Japan (INCJ), and satisfied the JPY 2 trillion ($18 billion) minimum set by Toshiba.

    INCJ is currently part of the consortium that was chosen as the preferred bidder.

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  • jkabtech 8:17 pm on April 3, 2018 Permalink | Reply
    Tags: , , digital, Interference, Suing, ,   

    Toshiba Suing Western Digital for $1 Billion Over Chip Business Sale Interference 

    Highlights Toshiba sues Western Digital for $1.07 billion in chip unit sale damages Toshiba also said it has decided to shut out Western Digital employees Western Digital is creating a roadblock for Toshiba’s chip unit sale

    Japan’s Toshiba said on Wednesday it is filing a lawsuit against joint venture partner Western Digital.

    Toshiba is claiming JPY 120 billion ($1.07 billion) in damages, saying in a statement that Western Digital is interfering with the sale of its memory chip division.

    Toshiba also said it has decided to shut out Western Digital employees based outside the Yokkaichi chip plant from accessing information relating to the two companies’ joint venture.

    Toshiba faced shareholders at its annual meeting on Wednesday with no deal in hand for the sale of its prized flash memory chip unit and a long list of humiliating setbacks to apologise for.

    Scrambling to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit, Toshiba had pledged to have a signed definitive agreement for the $18 billion (roughly Rs. 1,16,158 crores) sale of the unit – the world’s No. 2 producer of NAND chips – by the shareholders meeting.

    But the conglomerate said in a statement on Wednesday that talks with some members of the preferred bidder consortium – which is led by Japanese government investors and includes US private equity firm Bain Capital – were taking time.

    Prospects for a quick and smooth deal have become highly uncertain as Western Digital, which jointly runs Toshiba’s main semiconductor plant, is vehemently opposed to a sale that does not include it and is seeking a US court injunction to prevent any deal that does not have its consent.

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  • jkabtech 8:17 pm on March 28, 2018 Permalink | Reply
    Tags: digital, Dismissal, Injunction, Request, , ,   

    Toshiba Seeks Dismissal of Western Digital Injunction Request Over Chip Unit 

    Highlights WD has claimed that Toshiba breached joint venture contracts Toshiba has asked a US court to dismiss WD’s request for an injunction Toshiba is scrambling to get a deal done as fast as possible

    Toshiba has asked a US court to dismiss a Western Digital request for an injunction to prevent a sale of the Japanese firm’s chip business, saying the court has no jurisdiction and that an injunction would cause irreparable harm.

    Western Digital, which jointly runs Toshiba’s main semiconductor plant, has claimed that its partner has breached joint venture contracts as it pursues an $18 billion sale of the unit and is seeking an injunction to prevent any deal without its consent.

    In its filing with the Superior Court of California, Toshiba argued that their joint venture interests only cover a small portion of its flash memory semiconductor business and that the court has no jurisdiction as its primary place of business was Japan.

    Toshiba Suing Western Digital for $1 Billion Over Chip Business Sale Interference

    Toshiba is scrambling to get a deal done as fast as possible as it needs funds to cover billions in cost overruns at now-bankrupt unit Westinghouse. It is currently negotiating with a preferred bidder consortium that includes Japan government investors and US private equity firm Bain Capital.

    “Even if an agreement is reached with a bidder…if Toshiba is prevented from moving forward on implementing that transaction, the harm to an overall deal would be severe – and may well make the implementation of a transaction impossible,” said in its filing, which was made on Friday.

    Western Digital has tabled its own bid for the chip unit – the world’s No. 2 producer of NAND chips – but the offer has gained little traction with Toshiba, which says it raises antitrust concerns. The Japanese firm is also reluctant to engage with Western Digital as its US partner has said in the past it wants to take control of the unit.

    Western Digital Resubmits Bid for Toshiba Chip Unit at Last Minute

    Western Digital argues that an injunction will ensure that an international arbitration court will be given an appropriate opportunity to resolve their dispute.

    The court hearing on the issue is scheduled for July 14 and Western Digital has said it believes a decision could come on the same day.

    Western Digital is expected to file a response to Toshiba’s opposition before the hearing.

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  • jkabtech 4:17 am on March 22, 2018 Permalink | Reply
    Tags: digital, Matched, , ,   

    Western Digital Says It Matched Rivals’ Bids for Toshiba Chip Unit 

    Highlights WD said it matched rival bidders’ offers to buy Toshiba’s chip unit sale Since February, Toshiba has been scrambling to sell its memory chip unit Toshiba said its preferred bidder was a consortium offering $18 billion

    Western Digital Corp said it matched rival bidders’ offers to acquire Japanese conglomerate Toshiba Corp’s flash memory unit ahead of a court hearing on Friday over whether to halt the auction process.

    Western Digital, in court documents filed July 7, said it has made six proposals since February, including a proposal on June 27 matching the best offer. On June 21, Toshiba said its preferred bidder was a consortium of Bain Capital and Japanese government investors offering $18 billion.

    Since February, Toshiba has been scrambling to sell its memory chip business, the second largest in the industry after Samsung Electronics Co Ltd, to cover losses from its ailing nuclear reactor division. But suitor Western Digital sued Toshiba in San Francisco County Superior Court for an injunction to stop the sale, arguing that a joint-venture it has with Toshiba at a plant in Japan means the chipmaker cannot sell without its consent.

    In a filing on July 7, Mark Long, the chief financial officer of Western Digital, said the company’s most recent offer on June 27, made with private equity firm KKR, “is in line with the highest competing bids for (Toshiba’s chip unit) that have been reported in the press.”

    The actual dollar figure of Western Digital’s offer is redacted from the document. Western Digital declined to comment. Toshiba did not immediately respond to a request for comment.

    Toshiba has asked the court in San Francisco to dismiss Western Digital’s attempt to stop the sale, arguing that the US court does not have proper jurisdiction over a business that is based primarily in Japan and that an injunction would cause it irreparable harm. A hearing is scheduled for Friday.

    Aaron Rakers, a managing director with Stifel, said in a note to clients on Sunday that the new filings suggest the two parties could reach a deal before the court hearing.

    “Given that some negotiations between (Western Digital) and Toshiba on proposed acquisition terms started over the past month, we think a resolution could be possible prior to the (July 14) hearing,” Rakers wrote.

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  • jkabtech 4:17 am on March 21, 2018 Permalink | Reply
    Tags: , , Databases, digital, , Samples, ,   

    Western Digital Gets US Court Order to Access Toshiba Databases, Chip Samples 

    Highlights US court has granted Western Digital permit to access Toshiba’s database Toshiba earlier threatened to lock WD out of the shared databases It also stopped sending Western Digital chip samples

    Western Digital Corp won a temporary US court order on Tuesday saying that Toshiba Corp must allow Western Digital’s employees to access databases and chip samples as part of a joint venture with Toshiba around flash memory chip plants in Japan.

    Toshiba is scrambling to sell its flash memory business and Western Digital is among the bidders.

    In a sign of high tensions around the deal, Toshiba threatened to lock Western Digital out of shared databases and quit sending chip samples.

    Western Digital sued Toshiba in San Francisco County Superior Court saying that its joint venture with Toshiba means Toshiba must get its consent for a sale. It asked the court for two separate orders: An injunction to stop the sale, and a temporary restraining order forcing Toshiba to give its workers access to shared databases.

    A judge granted the temporary order for access to the shared databases Tuesday and set a further hearing on July 28.

    “We welcome the decision of the court, which we believe validates our position,” Western Digital said in a statement.

    Toshiba plans to appeal the ruling, which it believes essentially provides Western Digital access to technical information until the July 28, the company said in a statement.

    “This is a proceeding with many rounds and many rulings, and while we are disappointed with the judge’s ruling, it doesn’t forecast the outcome of this proceeding or those to come,” Toshiba said in the statement.

    A hearing on the injunction to stop the sale is set for Friday.

    Despite the legal tensions between them, Toshiba and Western Digital resumed talks this week. Toshiba also returned to talks with a group led by Taiwan’s Foxconn. The renewed negotiations come after a potential $18 billion sale to Bain Capital and South Korea’s SK Hynix Inc stalled out.

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  • jkabtech 4:17 am on March 16, 2018 Permalink | Reply
    Tags: , Blocking, digital, Joint, Resumes, , ,   

    Toshiba Resumes Blocking Western Digital Access to Chip Joint Venture 

    Highlights Toshiba said it resumed blocking access by Western Digital to data Toshiba earlier allowed WD partial access to shared data servers WD said that it will file a brief against the decision in the coming days

    Toshiba said it resumed blocking access by Western Digital to data at their memory chip joint venture, intensifying its dispute with the US firm over the Japanese company’s planned sale of the chip business.

    Toshiba is counting on the sale of the chip business to cover billions of dollars in cost overruns at its now bankrupt US nuclear unit Westinghouse, while Western Digital says any deal would require its consent.

    Toshiba allowed Western Digital partial access to shared data servers after the Superior Court of California granted a temporary restraining order earlier this month. But the Japanese company said it resumed blocking access after its petition for an appeal was accepted by the California Court of Appeal on Tuesday.

    In response, Western Digital said that it will file a brief against the decision in the coming days.

    The California Court of Appeal issued the temporary stay of the restraining order based only on a brief submitted by Toshiba, and without consideration of Western Digital’s opposition filing, the US company said.

    The next hearing on this case has been set for July 28 in the Superior Court of California.

    Western Digital has also sought an injunction to block the planned chip-business transaction, arguing that any sale required its consent.

    On July 14, the Superior Court of California postponed a decision on Western Digital’s injunction request and proposed requiring Toshiba to give the US company two weeks notice before closing the sale.

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