By Benjamin Horney (January 29, 2016, 4:00 PM EST) -- Taiwan's Hon Hai Precision Industry Co. Ltd., also known as Foxconn Technology Group, has upped its offer to takeover struggling tech company Sharp Corp. to 659 billion yen ($5.44 billion), The Wall Street Journal reported on Friday. According to the report, this latest offer would not see Hon Hai buy out current Sharp shareholders; instead, the company would plug 389 billion yen into Sharp and receive new shares in return while attaining a roughly 67 percent ownership in the company. In addition, Hon Hai has proposed a separate deal, under which it would pay 225 billion yen for preferred shares held by Sharp's two main banks, Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc., the report said. Hon Hai's interest has been rumored for months now and almost every day sees a new update. Innovation Network Corp. of Japan is also vying to buy Sharp....
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