TOKYO, April 6 (Reuters) - A Hong Kong-based activist investment fund opposed to Toshiba Corp's sale of its chip unit to a Bain Capital-led group said the deal should be renegotiated at a valuation of 3.3 trillion yen to 4.4 trillion yen ($30 billion-$41 billion).
Argyle Street Management said on Friday that the current deal, which values the unit at 2 trillion yen, was agreed upon when Toshiba was desperate for cash. Toshiba is no longer insolvent, and was free to terminate the deal without incurring any penalty because the sale had not closed by a March 31 deadline, it said.
Toshiba should aim to list the unit if the Bain group will not agree to a higher price, it added. ($1 = 107.3100 yen) (Reporting by Makiko Yamazaki Writing by Ritsuko Ando Editing by Edwina Gibbs)