Nidec Withdraws $1.8 Billion Hostile Bid for Makino Milling
Nidec Corp. withdrew its ¥257 billion ($1.8 billion) unsolicited tender offer for machine tool maker Makino Milling Machine Co. on Thursday in the face of strong opposition and possible defense measures.
The acquisitive maker of precision motors was offering ¥11,000 for each Makino Milling share. The tender began despite Makino's requests for a delay until while it weighs offers from other suitors. The target company, which previously threatened to grant stock acquisition rights to existing shareholders to block the takeover, protested the move, calling it 'deeply regrettable.'
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