TOKYO—Sharp Corp. on Thursday accepted a ¥ 700 billion ($6.24 billion) takeover offer from Taiwanese iPhone assembler Foxconn, according to people familiar with the situation.

Taiwan's Foxconn prevailed over a Japanese government-backed fund, Innovation Network Corp. of Japan, in a battle that has been seen as a test of Japan's openness to foreign investment. The deal would be one of the largest foreign purchases of a Japanese company.

Sharp's board approved the bid from Foxconn, which is formally known as Hon Hai Precision Industry Co., on Thursday, the people familiar with the situation said.

Foxconn Chairman Terry Gou's pursuit of Sharp, which has been weakened by a slump in the price of liquid crystal display panels that it provides to Apple Inc., dates back at least four years.

Write to Takashi Mochizuki at takashi.mochizuki@wsj.com and Atsuko Fukase at atsuko.fukase@wsj.com

(END) Dow Jones Newswires

February 24, 2016 22:15 ET (03:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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