Foxconn Says Pursuit of Toshiba Deal ‘Not Over’

The head of Taiwan’s tech giant Foxconn said Thursday its pursuit of Toshiba “is not yet over”, a day after the Japanese firm announced it preferred another group of bidders to acquire its prized chip business.

Foxconn, also known as Hon Hai, is controlled by billionaire Terry Gou and reportedly had Apple as a financial backer in its multi-billion dollar bid for Toshiba’s memory chip unit, seen as crucial for the cash-strapped Japanese firm to turn itself around.

Toshiba said Wednesday it would hold exclusive talks with a consortium of US, South Korean and state-backed Japanese investors, dashing Gou’s ambitions.

But the Foxconn chairman vowed to keep pursuing the acquisition, saying the Taiwanese firm still has a chance.

“The Toshiba case is not yet over. It is very similar to the Sharp deal,” Gou told shareholders at an annual meeting in New Taipei City.

He was referring to his takeover last year of the Japanese electronics firm for $3.7 billion, a move he described as “really worth it.”