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Toshiba Shares Jump; No Immediate Injunction For Western Digital in Chip Sale

Toshiba

Toshiba shares rose more than 8 per cent on Tuesday after a U.S. judge postponed its decision in Western Digital Corp’s bid to temporarily block the Japanese company from selling its flash memory business in an $18 billion (£13 billion) deal.

Western Digital, which is also bidding for the prized unit, sued Toshiba in San Francisco County Superior Court in mid-June, saying it believed a joint venture with Toshiba means Toshiba needs its consent to sell the business.

At the hearing on Friday, Judge Harold Kahn proposed requiring Toshiba to give Western Digital two weeks’ notice before closing the sale.

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Paul

The author Paul