Cash-strapped Japanese industrial giant Toshiba said Wednesday it had picked a consortium led by US investor Bain Capital as the leading candidate to buy its prized chip business in a deal reportedly worth some $18 billion.
The development was the latest twist in a long-running saga as Toshiba agonises between three groups of suitors for its lucrative chip business.
The Bain Capital-led group also includes state-backed Development Bank of Japan and the public-private Innovation Network Corp. of Japan as well as South Korean chipmaker SK Hynix.
Toshiba said its board of directors would continue talks with the Bain Capital-led group after it came up with a new proposal during the talks.
"The company will work to expedite the conclusion of a stock purchase agreement by the end of September," Toshiba said.