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5/20, 1:01 PM (Source: TeleTrader)
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Toshiba Memory to buy back $4.5B worth of shares - report

By the end of May, Apple Inc., Dell, Kingston Technology Co. and Seagate Technology PLC intend to sell their preferred shares in Toshiba Memory Holdings Corp. for about $4.5 billion, according to sources familiar with the matter cited by the Wall Street Journal on Monday.

A financing package worth $11.8 billion from Japanese banks will soon be set up to buy out the preferred shares from the four companies, which took over the chipmaker last year June with the help from Bain Capital, preventing Western Digital Corp. from taking control of its joint venture with Toshiba.

According to a source, the move comes as Toshiba Memory seeks to go public near the end of 2019 or the beginning of 2020, depending on market conditions in the semiconductor industry. A recent decline in chip prices signals that right now is not the best time for a listing, the source said.

Breaking the News / GG