A decision on Foxconn’s takeover of Japan’s Sharp is likely to be made in two weeks time, the Taiwanese firm’s chairman Terry Gou said.
Gou did not comment on reports that Sharp board members who are in favour of Foxconn’s bid, which is reportedly $5.5 billion, will not be allowed to vote, according to The Wall Street Journal.
The two companies have agreed to a quiet period until the end of the month.
“I can say that 99.9 per cent of reports out there are speculation or rumours purposefully made up that are very different from the real situation, that is all I can say,” he said.
He added that Foxconn plans on making more investments in Japan, and wants to increase revenue and profit even though market conditions are challenging.
Earlier this month it was reported that Sharp is “devoting more resources to checking Foxconn’s offer”, which is worth $5.5 billion, over a rival bid by Innovation Network Corp of Japan (INCJ).
INCJ is reportedly offering less than half of what Taiwan’s Foxconn has put on the table, but Sharp was initially leaning towards INCJ because its display technology would remain in Japanese hands.
Sharp first began talks with firms over its display unit after troubling results in October last year, blaming falling Chinese demand.
This is not the first time Foxconn has made a bid for the Japanese company. Back in 2012, Foxconn tried to acquire a 10 per cent stake in Sharp, but the deal fell through.