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Toshiba Shares Jump; No Immediate Injunction For Western Digital in Chip Sale

Western Digital, which is also bidding for the prized unit, sued Toshiba in San Francisco County Superior Court in mid-June.

Reuters

Updated:July 18, 2017, 10:31 AM IST
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Toshiba Shares Jump; No Immediate Injunction For Western Digital in Chip Sale
Toshiba shares were up 7.9 percent at 250 yen. (Image: Reuters)
Toshiba shares rose more than 8 percent on Tuesday after a U.S. judge postponed its decision in Western Digital Corp's bid to temporarily block the Japanese company from selling its flash memory business in an $18 billion deal.

Western Digital, which is also bidding for the prized unit, sued Toshiba in San Francisco County Superior Court in mid-June, saying it believed a joint venture with Toshiba means Toshiba needs its consent to sell the business.

At the hearing on Friday, Judge Harold Kahn proposed requiring Toshiba to give Western Digital two weeks notice before closing the sale.

The Tokyo market was closed on Monday for a national holiday. As of 0012 GMT, Toshiba shares were up 7.9 percent at 250 yen.

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