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

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According to a report from Reuters, Sharp Corp and Foxconn agreed to extend a deadline for its takeover talks by one to two weeks.

Reuters, citing "a person familiar with the matter," stated that Foxconn put the deal - which was announced on Thursday - on hold to clarify "new material information."

Sharp's stock plummeted more than 11 percent on the Tokyo exchange.

Foxconn said in a statement that "Most of the contents of the material information Foxconn received on Wednesday morning, before Sharp's board meeting began on Thursday, had not been previously proposed nor offered during negotiations between the two sides."

Reuters added that Foxconn and Sharp's leaders are meeting "with the aim of reaching a comprehensive understanding and resolution of the situation." The company hopes to reach a satisfactory agreement "as soon as possible."

 

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