Toshiba to aim for chip deal with Bain by September 20

The company needs to raise the money by March to avoid seeing its shares delisted from the Tokyo Stock Exchange

Toshiba is aiming to finalise a deal to sell its memory chips business to a group led by Bain Capital at a September 20 board meeting, despite opposition from partner Western Digital, according to people familiar with the matter.

Toshiba’s effort faces resistance because the Bain group now includes several Western Digital competitors, including Seagate Technology, Kingston Technology and SK Hynix, said the people, asking not to be identified because the matter isn’t public. Western Digital partnered with KKR to try to buy the chips business, but Toshiba opted for the Bain bid last week, signing a memorandum of understanding