Toshiba cuts Western Digital out of chip sale in last-minute vote

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Shares Western Digital Corp. fell more than 3 percent overnight after Toshiba said its board favored a bid led by private equity firm Bain Capital for its multibillion-dollar flash memory chip business. San Jose-based hard drive maker Western Digital said it would continue to pursue its lawsuit against Toshiba that claim its joint venture agreements with the Japanese tech giant mean the company must agree to any sale of the chip unit. “We are disappointed that Toshiba would take this action despite...

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