At the end of the outgoing week, we already knew that the structure of the deal to acquire a business for the production of solid-state memory by Western Digital Corporation, discussed with Toshiba, does not imply granting the right to vote to the American side, and 60% of the assets should go to Japanese investors. According to some reports, the Japanese authorities even take measures to overcome this barrier, attracting to the transaction small companies that are able to "get the right percentage."
Now the Reuters resource specifies that Western Digital participates in the transaction with convertible bonds, which at a certain moment will allow the company to get a certain number of shares of Toshiba Memory. The Japanese side takes into account this circumstance, and requires that after the conversion of bonds, WDC should have no more than a third of the votes when making managerial decisions.
By August 31, all details of the transaction should be stipulated, since on that day the Toshiba board should vote on the approval of the consortium to which Toshiba Memory is sold and all related details. The parties should not have any disagreements at the time of the voting. The transaction itself with a favorable outcome should be completed by March next year.