Japanese electronics firm Toshiba is rumored to be planning a fresh bid to buy troubled Apple supplier Elpida, with sources suggesting that it will launch a joint offer with SK Hynix, Reuters reports.

Bankrupt memory maker Elpida is sought after as it offers other industry players the chance to pick up additional manufacturing capacity on the cheap. While it also an Apple supplier, after the Cupertino-based company turned to it to diversify its supply for the new iPad and (likely) upcoming new iPhone.

Toshiba’s solo bid for the troubled firm, which was declared bankrupt in February, was said to have hit the rails earlier this month, with the company reportedly out-financed by US-based Micron Technology. Now Toshiba is working to address the balance by bringing on new money via SK Hynix.

However, Micron has the advantage of previous talks over partnering with Elpida before financial issues took hold of it, and the memory maker is said to be in pole position to acquire its cash-strapped rival.

Elpida’s declines marks the end of Japan memory chip industry which, through a combination of factors, including increased competition and lower costs overseas, leaves it as the last one standing, until it is duly sold.

Asia’s chip making industry is currently in a period of change following a series of recent moves from key industry players, which jostle for business for the smartphone, tablet and PC industries.

Samsung is in the process of making a record $7 billion overseas investment to develop premises in China, which will allow it to better cater to its customer base there, which includes Apple.

Apple is making its own moves away from a reliance on companies like Samsung — which provides the Retina display for its new iPad — and, most notably, it snapped up Israeli-based Nanobit to diversify its memory needs.

On the LCD-side of things, Samsung has spun out its own dedicated firm, while Sharp has invested in Foxconn in a bid to build a competitive advantage over its rivals.