Foxconn Technology Group, a company popularly known as the manufacturer of Apple's iPhones, has set its sights in expanding its business and broaden its horizons by purchasing Sharp Corporation. The Japanese company hasn't been doing well in the market as of late, and reports have now surfaced that Foxconn is on a bidding war to buy out Sharp.

'Foxconn, the Taiwanese company that assembles the bulk of the world's iPhones, has offered about ¥625 billion ($5.3 billion) to take over troubled Japanese electronics maker Sharp Corp., according to people familiar with the matter,' reads a report from the Wall Street Journal.

According to reports, Foxconn has made a US$5.1 billion bid. Sharp happens to be one of Apple's main display suppliers while the company based in Taiwan, on the other hand, is Apple's biggest manufacturer for its mobile devices. Further reports suggest that Foxconn founder Terry Gou had already bought a huge chunk of Sharp's LCD business a couple of years ago, amounting to about 38 percent of the Japanese company.

Should the information that has been gathered holds true, then it could also mean that Foxconn is also bailing out Sharp's considerable debt, with an estimated US$4.4 billion of payment due soon in Japanese banks.

However, it seems Foxconn isn't alone. The company has found itself in a bidding war with the Innovation Network Corporation of Japan. The INCJ is looking into keeping Sharp inside the Japanese shores, and lenders to the company reportedly also want the same thing. The state-controlled fun has allegedly invested in Japan Display Inc., which happens to be a joint operation of former Sony, Toshiba and Hitachi businesses. According to further reports, Sharp will be making a decision regarding the offer before the end of its next fiscal quarter, but the company may favor INCJ over Foxconn.