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Toshiba Corp. shares edged up after U.S. hedge fund Greenlight Capital announced it had added a stake in the Japanese conglomerate and after Western Digital Corp. did not secure an immediate injunction to hinder the $18 billion sale of Toshiba's chip unit.
Its shares rallied 6.6 percent in morning trade, to change hands at 246.8 yen.
Toshiba is estimated to be worth as much as 400 yen per share as soon as it settles its legal dispute with Western Digital over the sale of its chip business, according to Greenlight Capital.
Western Digital, the Japanese company's JV partner in the memory chip business, sued Toshiba in a U.S. court as it claims that Toshiba requires its consent in order to sell the unit.
During the hearing, U.S. court Judge Harold Kahn put off giving a ruling on whether to grant Western Digital an injunction and suggested requiring Toshiba to give its JV partner a two weeks notice before sealing the sale.
Toshiba is currently rushing to complete the sale in order to ease some of the billions in losses it incurred at its now bankrupt Westinghouse nuclear business.
