At a board meeting Wednesday struggling Toshiba Corp. decided to aim toward selling its flash memory business to a consortium led by Bain Capital, signing a memorandum of understanding to accelerate negotiations to seal the deal by the end of September.
The Tokyo-based electronics conglomerate apparently flip-flopped on its plan to negotiate an agreement with a group that includes Toshiba's chip unit joint venture partner Western Digital Corp.
But the ongoing tumult that has bedeviled the process is unlikely to end anytime soon, as Toshiba will have to deal with Western Digital, which has been taking aggressive legal moves to block the sale to other parties. Toshiba Memory Corp. has an estimated worth of ¥2 trillion.