Development Bank: Toshiba and Corp

development bank: Toshiba Memory Corp. has an estimated worth of 2 trillion, according to The Japan Times. A Toshiba spokesman said it signed a memorandum of understanding on Wednesday with Bain Capital Private Equity LP, a U.S. investment fund whose consortium includes Innovation Network Corp. of Japan and the Development Bank of Japan both of which are state-backed bodies and SK Hynix Inc., a South Korean flash memory manufacturer. The Tokyo-based electronics conglomerate apparently flip-flopped on its plan to negotiate an agreement with a group that includes Toshiba's chip unit joint venture partner Western Digital Corp. ; But the ongoing tumult that has bedeviled the process is unlikely to end anytime soon, as Toshiba will have to deal with Western Digital, which has been taking aggressive legal moves to block the sale to other parties. Toshiba said the Bain group made a new proposal worth pursuing. A memorandum of understanding is not a legally binding agreement. The consortium raised its offer to 2.4 trillion up from its initial 2 trillion bid, and more than what the Western Digital team is offering. (news.financializer.com). As reported in the news.