Mar 31, 2017

Toshiba gets $18 billion bid for chips biz

Dan Primack, author of Pro Rata

(AP Photo/Eugene Hoshiko

Broadcom and private equity firm Silver Lake have partnered on a $17.9 billion offer for the semiconductor unit of Japan's Toshiba Corp., according to the Nikkei business daily. At least 10 other suitors are circling the business ― both strategics and financials ― with Toshiba reportedly wanting to sign a deal before its annual shareholder meeting in June.

History: Silver Lake currently holds around a 0.4% stake in Broadcom, related to an earlier investment in Avago Technologies (which then bought Broadcom for $37 billion, but kept the target's name). Actually it was Silver Lake's second investment in Avago, having helped form the original company via the purchase of Agilent's chip business and then exiting after an IPO. Yes, Silver Lake double-dipped the chip.

Bottom line: Toshiba is selling its chip biz, in large part, to help cover write-offs from its Westinghouse nuclear unit, which filed for Chapter 11 bankruptcy earlier this week.

Go deeper

Facebook employees stage "virtual walkout"

Screenshot of an image some Facebook employees are adding to their internal profiles, with or without the hashtag, to protest company policy.

"Dozens" of Facebook employees staged a "virtual walkout" Monday over the company's decision not to take action against President Trump's provocative messages in the face of nationwide protests against police violence, the New York Times reports.

Why it matters: While Twitter added fact-check labels and hid the president's most inflammatory tweet — "when the looting starts, the shooting starts" — Facebook has said Trump's statements do not violate its policies, and that the platform aims to promote free speech.

Updated 38 mins ago - Politics & Policy

Trump lashes out at governors, urges them to "dominate" protesters

President Trump berated the nation’s governors in a video teleconference call Monday, calling many of them "weak" and demanding tougher crackdowns on the protests that erupted throughout the country following the killing of George Floyd, according to multiple reports.

The big picture: Trump blamed violence on the "the radical left" and told the governors, who were joined by law enforcement and national security officials, that they have to "dominate" protesters and "arrest people" in order to bring an end to the unrest.

Updated 39 mins ago - Politics & Policy

Coronavirus dashboard

Photo Illustration: Sarah Grillo/Axios. Photos: Noam Galai, Jamie McCarthy, Josep Lago/AFP, Alfredo Estrella/AFP, and Narayan Maharjan/NurPhoto, all via Getty Images

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 6,206,773 — Total deaths: 372,752 — Total recoveries — 2,661,643Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 1,793,780 — Total deaths: 104,345 — Total recoveries: 444,758 — Total tested: 16,936,891Map.
  3. Public health: Fauci says“My meetings with the president have been dramatically decreased” — Coronavirus looms over George Floyd protests across the country.
  4. Climate: Your guide to comparing climate change and coronavirus.
  5. Economy: A busy week for IPOs despite upheaval from protests and pandemic.
  6. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.