Sharp Corp. said Monday it hopes to finalize a takeover deal with Taiwan's Hon Hai Precision Industry Co. "as soon as practically possible" without setting a deadline for inking the bailout package.
"Sharp and Hon Hai Precision Industry have not set a signing date," the electronics giant said in a statement. "Both companies are working hard to reach a satisfactory agreement as soon as practically possible."
The statement came after sources familiar with the matter said before the weekend that Sharp and Hon Hai agreed to extend their negotiation deadline beyond Monday, and that Hon Hai's proposal would remain valid until then.