Reuters: Technology News: Sharp rejects Samsung offer to buy copier business

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Sharp rejects Samsung offer to buy copier business Mar 13th 2013, 09:41 Tweet Share this Email Print Related News Samsung gets a foot in at key Apple supplier Sharp with $110 million investment Wed, Mar 6 2013 A woman walks past the Sharp Corp's Logo at a train station in Tokyo March 6, 2013. Credit: Reuters/Yuya Shino TOKYO | Wed Mar 13, 2013 5:41am EDT TOKYO (Reuters) - Sharp Corp rejected an offer by Samsung Electronics Co. to buy its copier and printer unit as part of a deal that will see Samsung invest $110 million in return for a 3 percent stake. "We did get a proposal from Samsung, but we declined," said Sharp spokeswoman Miyuki Nakayama. She would not say how much Samsung offered and why Sharp refused. Sharp needs to repay a $2.1 billion convertible bond due in September and selling the profitable copier business would help raise cash, but it would also diminish the company's cashflow. The copier unit manufactures photocopiers, printers and fax machines for offices. Sharp in December won an agreement from Qualcomm to invest as much as $120 million. Analysts expect the company to resort to fresh equity financing to bolster its cash reserves before September. (Reporting by Tim Kelly; editing by Miral Fahmy) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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