Foxconn And Sharp Approve $3.5 Billion Deal

Foxconn stated in late February it will delay the signing of its takeover of Sharp as the company came across "material information" that "had not been previously proposed nor offered during negotiations."

Related Link: Foxconn Delays Signing Of Sharp Takeover, Shares Plunge 11% In Tokyo

On Wednesday, Reuters reported Foxconn has finally agreed to acquire Sharp, although at a discount to the original price tag. Foxconn will now pay around $3.5 billion for a two-third ownership stake of Sharp.

Foxconn's latest offer represents a cut of nearly $900 million following the discovery of new information that represented an undisclosed liability at Sharp. Nevertheless, the deal marks the largest acquisition by a foreign company in Japan.

Foxconn will pay 88 yen per Sharp share for its new stake, representing a 35 percent discount to Wednesday's closing price. The offer price may also be symbolic given the Chinese obsession with the 8 which is considered to be lucky.