memory business: The notice would give Western Digital time to react to a sale in court or with an arbitration panel, according to The Japan Times. We are very pleased to have reached this mutually acceptable understanding which is effective for a very limited time and which recognizes Toshiba's right to negotiate and sign a definitive agreement for the sale of its memory business, Toshiba Corp. Toshiba and Western Digital agreed to an order recommended by a state court judge who asked the companies to collaborate on an agreement instead of dueling over an injunction requested by Western Digital. ; The agreement requires Toshiba to publicly announce the signing of any deal to sell the venture and provide Western Digital two weeks' notice before any such sale closes, according to Toshiba. Senior Executive Vice President Yasuo Naruke said in a release announcing the stipulated agreement. The agreement is to remain in effect until 60 days after an international arbitration panel has been created to consider the matter. Toshiba expected that such a deal would take months to consummate.
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Tagged under memory business, agreement topics.