Toshiba and SanDisk have agreed on terms for the sale of production of flash memory
Toshiba has signed an agreement with SanDisk, a subsidiary company Western Digital, which eliminates the need for further action of the Supreme court of California at the request of SanDisk regarding a preliminary injunction, associated with the sale of the production of the flash memory Toshiba.
The parties have agreed that Toshiba will publicly announce the signing of a definitive agreement providing for «closing», that is, the sale or transfer of any part or all of the shares in three joint ventures owned by Toshiba or its subsidiary, within 24 hours after signing. This also applies to certain other agreements of rights and obligations. The condition will be valid for 60 days after the establishment of the international arbitration Commission. Toshiba and SanDisk have agreed that Toshiba will provide additional two weeks notice before the closure.
The agreement requires Toshiba to provide notifications of transactions occurring in the ordinary course of business related to the production of flash memory, and does not indicate agreement with Toshiba that SanDisk needs to approve the sale of the shares of Toshiba Memory Corporation.
In addition, Toshiba maintains its performance on the issues of jurisdiction and recognizes the jurisdiction of the California court only to consolidate this agreement.