Makino Milling Shares Tumble as Nidec Withdraws Takeover Bid
Shares of Makino Milling Machine Co. tumbled as much as 21% on Friday, the most on record, after Nidec Corp. withdrew its unsolicited takeover bid for the Japanese machine tool maker.
Nidec abandoned its ¥257 billion ($1.76 billion) acquisition plan after a Tokyo court rejected its petition to halt Makino's takeover defense measures. Makino's management has resisted Nidec's bid since the world's top maker of mini motors announced a surprise takeover plan in December.
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