On 25 February 2016, Sharp accepted a ¥700 billion (US$6.24 billion) takeover bid from Foxconn to acquire over 66 percent of Sharp's voting stock.[21] However, as Sharp had undisclosed liabilities which was later informed by Sharp's legal representative to Foxconn, the deal was halted by Foxconn's board of directors. Foxconn asked to call off the deal but it was proceeded by the former Sharp president. Terry Gou in the meeting, then wrote a word "義" which means "righteousness" on the white board, saying that Foxconn should honor the deal.[22] A month later, on 30 March 2016, the deal was announced as finalized in a joint press statement, but at a lower price.[23]