Report: Foxconn 'Detailed Its Offer' To Acquire Sharp

Foxconn, a major manufacturer of Apple Inc. AAPL products, has submitted an offer to acquire the troubled electronics maker Sharp. According to Reuters, Taiwan-based Foxconn has detailed an offer to acquire the Japan-based Sharp. The publication, citing "a person with direct knowledge of the talks," reported that the company has previously offered over 600 billion yen to acquire Sharp but stopped short of detailing a restructuring plan. Reuters added that Foxconn, formally known as Hon Hai Precision Industry, has now communicated a more detailed plan which includes a promise not to cut jobs. In fact, the company's founder and chairman Terry Gou has also met with Japanese officials to discuss a potential acquisition. "Hon Hai's offer is detailed," Reuters source said. "I'ts considerably realistic and can't be ignored." Another "industry source" told the publication that Foxconn's offer is "serious."