Foxconn has reportedly bid 625 billion yen, or around £3.8 billion, for Sharp.
The struggling Japanese manufacturer has needed to be bailed out by banks on numerous occasions, and appears to be reviewing a couple of takeover bids.
According to The Wall Street Journal, however, Foxconn's bid exceeds the amount being offered by a Japanese government-backed investment fund. Foxconn is also said to be willing to take on Sharp's considerably debts.
Apparently, Foxconn does not plan to replace Sharp's Japanese top management.
So what does Foxconn want Sharp for? While the company is responsible for much of the manufacturing process behind Apple's iPhone family, as well as many other top smartphones and tablets, it's companies like Sharp that have the expertise to supply the necessary display technology.
Foxconn has shown interest in Sharp in the past. In 2012, Foxconn chairman Terry Gou personally acquired a 38 percent stake in a Japanese Sharp display factory, while an agreement for Foxconn to purchase a 10 percent stake in Sharp failed in 2013.
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It seems the company's continued expertise in display technology remains attractive to the Taiwanese mega-manufacturer, however.
What's more, with Foxconn making $1.1 billion in the last quarter alone, Sharp's money woes won't pose a problem.