Sharp move. This week, struggling Japanese electronics company Sharp promoted Hon Hai to the front of the queue in its search for a buyer. As well it might: the Taiwanese contract manufacturer also known as Foxconn is offering the highest price — about $5.5bn for the equity, more than double the only other offer.

This would be great for Japan. It shows an unexpected willingness to let market forces rule rather than rescue a dying national champion. The other bidder in the running is the state-owned Innovation Corporation of Japan. Despite the difference in pricing, Sharp initially backed that bid, hoping to keep its technology in Japanese hands. A similar intent was behind suggestions that Sharp should merge with units of ailing compatriot, Toshiba, a deal also supported by INCJ.

Not so great for patient suitor Hon Hai, which has been eyeing Sharp for at least four years. In 2012, Hon Hai tried to buy one-tenth of the company, but was rebuffed because it wanted management influence. Compared with the sum Hon Hai offered then — valuing Sharp’s equity at more than $8bn — $5.5bn may seem a good deal. In 2012 its market capitalisation was $6.4bn until Hon Hai’s bid came along. But Hon Hai is still paying up: Sharp’s equity traded at well below $2bn before deal talk emerged this year.