​Sharp accepts Foxconn's rescue plan: Report

After two board meetings, Sharp has finally accepted a rescue plan worth billions of dollars by Taiwanese contract maker Foxconn, Japanese media has reported.

Debt-ridden Japanese tech giant Sharp has accepted the $6.2 billion buyout plan offered by Taiwan's Hon Hai Precision, Japanese media has reported.

After holding two board meetings from Wednesday to Thursday, the Japanese tech giant's board accepted a roughly 700 billion yen ($6.2 billion) deal to structure the firm under the umbrella of Hon Hai Precision, known for contract making Apple's iPhone.

Earlier, the offer was reported to be worth 600 billion yen but the Taiwanese electronics maker reportedly upped the offer to convince Sharp to accept the deal.

Hon Hai, trading under Foxconn, was competing against state-fund Network Corp of Japan to buy the liquid crystal display (LCD) maker, with the Sharp giving the former preferred negotiating rights, as reported earlier this month.

It was revealed earlier this week that Samsung also attempted multiple times to acquire the company since late last year. It was especially interested in buying Sharp's LCD factory in Sakai, Nikkei reported.

The precise terms of the agreement are yet to be announced by Sharp and Foxconn.

Like many of its compatriots, Sharp lost out to rising competitors in China, Taiwan, and South Korea in the lucrative display market. The company posted its fifth straight quarterly loss last quarter.

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