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Just days after Hoya Corp. made a hostile takeover bid for one of Toshiba Corp.’s publicly traded units — an extremely rare move in Japan — the industrial giant is responding with equally unusual bluntness.

“Basically, I’m not selling,” Toshiba Chief Executive Officer and Chairman Nobuaki Kurumatani said in an interview. “Price is not the issue — it’s life or death for” NuFlare Technology Inc., the company at the center of the tug-of-war, said Kurumatani, suggesting that the subsidiary wouldn’t be able to survive outside of Toshiba’s group.

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