OSAKA/TOKYO -- Sharp's board on Thursday morning decided to accept a roughly 700 billion yen ($6.2 billion) takeover offer from Taiwan's Hon Hai Precision Industry.

The Japanese electronics maker intends to restructure its operations under the umbrella of the Taiwanese contract manufacturer, also known as Foxconn. Details of the arrangement have yet to be announced.

Sharp had faced a choice between Hon Hai's takeover bid and support from the Innovation Network Corp. of Japan, a state-backed fund. The fund offered Sharp a 300 billion yen injection as well as a 200 billion yen credit line.