Toshiba Corp said its board has chosen a Japanese government-led consortium as the preferred bidder for the conglomerate's prized flash memory chip business. The group consists of a state-backed fund, the Innovation Network Corp of Japan (INCJ), the Development Bank of Japan (DBJ), as well as U.S. private equity firm Bain Capital. South Korean chipmaker SK Hynix Inc and the core banking unit of the Mitsubishi UFJ Financial Group Inc are set to provide financing, sources familiar with the matter have said. Toshiba said it wants to reach a definitive agreement by June 28, the day of its annual shareholders meeting.

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