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  © Reuters
Business

Toshiba seeks bids valuing chip unit at 2tn yen or more

Plans to take time in assessing proposals to maximize proceeds

| Japan

TOKYO -- Toshiba has asked potential bidders for its memory chip business to peg the operations' value at 2 trillion yen ($17.6 billion) or more, aiming to maximize income from the sale of its crown jewel.

The ailing Japanese industrial giant will soon reopen bidding to invest in the memory chip business to be spun off. More than 10 companies and investment funds expressed interest in an initial round in early February, apparently placing the unit's total value between 1.5 trillion yen and 2 trillion yen. At that time, Toshiba restricted the stake any investor could take to less than 20%. Shares were to be sold at the end of March.

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