Japan's NEC spurned PE offers before selling stake in iPhone supplier at discount

Japan's NEC spurned PE offers before selling stake in iPhone supplier at discount

FILE PHOTO: A logo of NEC Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo

Japan’s NEC received multiple buyout offers from global private equity funds for iPhone supplier Japan Aviation Electronics Industry before agreeing to sell back much of its 51% stake to the Japanese company at a discount, five people said.