Dow Jones Newswires citing a term sheet it had seen reported Tuesday that Japanese tech company NEC is reportedly planning to sell off its entire stake of 281.1 million shares it currently owns for between HK$6.30 ($0.81) to HK$6.50 ($0.83) per share in Lenovo for around $235 million. While in another report from Reuters Tuesday, an unnamed source with having direct knowledge of the matter said the move was due to NEC being cash-strapped but the company would maintain its joint venture with Lenovo in Japan but according to the term sheet, Credit Suisse is the sole bookrunner on the deal, so chances are there that deal do take place anytime soon.
Update: NEC drops Lenovo stake; ‘no impact’ on PC, tablet business
