Japan's Nidec gives up hostile takeover of Makino Milling Machine
Nidec said in a statement its board decided to withdraw the April 4 tender offer effective Friday.
"Maintaining the tender offer would be significantly economically unreasonable" if Makino Milling's defence tactic was employed, it said.
Nidec's offer, at 11,000 yen per share, valued Makino Milling at 257 billion yen ($1.78 billion). Makino Milling's shares ended down 0.36 per cent on Thursday at 11,090 yen.
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