Foxconn and Sharp Approve $3.5 Billion Takeover Deal

The boards of Sharp Corp. and Foxconn Technology Group approved a plan Wednesday for the Taiwanese electronics assembler to buy struggling Japanese consumer electronics giant for 389 billion yen (US$3.5 billion), a nearly $2.5 billion haircut from its original offer price.

The deal, ending months of negotiations, marks a victory for Foxconn, which has been looking to expand in the market for next-generation displays through the acquisition of Sharp, a supplier of smartphone screens to Apple Inc. Foxconn believes...