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Sharp says has not set a deadline for deal with Hon Hai

February 28, 2016

Tour Of The Foxconn Complex And Interview With CEO Terry GuoTour Of The Foxconn Complex And Interview With CEO Terry Guo
Terry Gou, chairman and president of Hon Hai Precision Industry (aka Foxconn), speaks at the product testing facility on the Foxconn City complex in Shenzhen, China.Photograph by Thomas Lee — Bloomberg via Getty Images

Sharp Corp said on Monday it had not set a specific deadline for finalizing a takeover deal with Taiwan’s Foxconn, adding it aimed to do so “as soon as possible.”

The embattled Japanese display maker issued the statement in response to a weekend report in the Nikkei business daily that it was aiming to seal an agreement with Foxconn, formally known as Hon Hai Precision Industry Co, on March 7.

A person familiar with the matter has told Reuters the firms agreed to extend a deadline for takeover talks by 1-2 weeks, after the Taiwanese firm had put the deal on hold to clarify “new material information.”

For more on this story, read: Sharp Just Agreed to a Takeover—But Buyer Foxconn Backed Off