Toshiba Reaches Tentative Deal to Sell Microchip Unit<br />TOKYO — The board of the Japanese conglomerate Toshiba has approved a plan to sell its lucrative microchip business to a group of American<br />and Japanese buyers, bringing the company closer to a deal it may need to survive.<br />Toshiba said buyers would receive a mix of regular shares, preferred shares — which normally do not carry voting rights —<br />and bonds that could eventually be converted into shares.<br />One way that will happen is that Toshiba said it would join Bain and its partners in creating the special purpose company that will buy the unit.<br />The Japanese company said the microchip unit would be sold for 2 trillion yen, or roughly $18 billion.
