Private equity firm Bain Capital has recruited Apple for a last-ditch offer to buy Toshiba Corp.'s semiconductors business, according to Reuters. The bid comes in at around $18.2 billion, with Bain and South Korean chipmaker SK Hynix responsible for over half, Apple providing up to $3.6 billion and Japanese banks funding the remainder. This would slightly trump an existing offer led by Toshiba joint venture partner Western Digital, which also includes KKR.
Timing matters: A big question is if Bain and Apple are just too late with their latest gambit, given the pressure Toshiba is under to get a deal done. Per Reuters:
Failure to clinch a deal in the next few weeks could mean that it may not clear all necessary regulatory approvals by the end of the financial year in March. That would likely lead to Toshiba reporting negative net worth for two years in a row, increasing its chances of being delisted.