KKR & Co. (KKR - Get Report) is in talks with Toshiba (TOSYY) regarding a preemptive bid for the Japanese firm's memory chips business that would accelerate completion of a sale and end negotiations with other potential acquirers, sources told Bloomberg.

Toshiba reportedly is in favor of KKR and Innovation Network Corp. of Japan's proposal as it would simplify regulatory approval and push the delivery of much-needed cash, sources added.

KKR and its partners, which also include Development Bank of Japan, have indicated they would pay 1.8 trillion yen ($16 billion) to 2.1 trillion yen, the sources noted.

Western Digital Corp. could also join the group, another source said, Bloomberg reported.

Toshiba hasn't definitively decided whether to accept the KKR offer and may still proceed with the auction, these people said.

Other bidders include Taiwan's Hon Hai Precision Industry Co. (HNHPF) , South Korea's SK Hynix and Broadcom Ltd. (AVGO - Get Report) .

Shares of KKR are slightly higher in premarket trade.

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