Taiwan's Hon Hai Precision Industry Co has offered bid to acquire the LCD business of Sharp Corporation. However, the bidding details were not revealed. Without confirming on its plans to offload LCD business or received any bid offer, Sharp Corp continues to explore several options for reviving the trouble-prone liquid panel display business. Sharp has also asked Apple Inc for funding support. Sharp Corp has sought a $1.9-billion revival package from the banks and decided to slash 5,000 jobs as part of the cost-cutting measures. The intense competition in LCD screens for smartphones from Asian companies is taking a toll on Sharp Corp's business.
Japan's Sharp Corp said it had secured a $1.9 billion bailout, its second major bank-led rescue in three years, after falling deep into the red as its smartphone display business was battered by competition from Asian rivals.
Sharp Corp President Kozo Takahashi said the Japanese company intends to sell plants and stock holdings as it extends the reforms it had started in 2013, Bloomberg reported.