Apple joins consortium in revised £14bn bid for Toshiba's chip business

Successful bid with Bain Capital may help iPhone maker source memory chips for smartphones in battle with rival Samsung

Apple has joined a consortium of businesses led by the investment company Bain Capital in a last-ditch 14bn offer for Toshiba's chip unit.

Toshiba is the world's second-largest producer of Nand memory chips, which are used in smartphones and computers. A deal may be crucial for Apple in keeping down prices of components for its iPhone, as well as reducing dependence on the market leader, Samsung.