Latest news with #MakinoMilling
Japan Times
09-05-2025
- Business
- Japan Times
Nidec withdraws its $1.8 billion hostile takeover bid for Makino Milling Machine
Nidec is withdrawing a ¥257 billion ($1.8 billion) unsolicited tender offer for machine tool maker Makino Milling Machine, bowing to strong resistance from its target. Makino had previously threatened to block the takeover by granting stock acquisition rights to existing shareholders. Such a move would deprive the deal of economic sense and could hurt Nidec, the Kyoto-based company said in a statement Thursday. Makino's stock dived as much as 21% Friday, the biggest intraday fall on record. The acquisitive maker of precision motors had sought an injunction against Makino Milling, but that was denied by the Tokyo District Court. It was offering ¥11,000 for each Makino share. The tender began despite Makino's requests for a delay to allow it to weigh offers from other suitors. The offer was seen as a measure of deal-making acumen at Nidec after founder Shigenobu Nagamori, widely regarded as a takeover expert, stepped down as chief executive officer last year. "This may be an inflection point in Nidec's growth strategy via acquisitions,' said Kazuyoshi Saito, senior analyst at Iwai Cosmo Securities. Whether more companies will emulate Makino by taking similar measures to fend off acquisitions will depend on the circumstances in each case, he said.
Bloomberg
09-05-2025
- Business
- Bloomberg
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.
08-05-2025
- Business
Nidec Withdraws Takeover Bid for Makino Milling
News from Japan Technology May 8, 2025 18:33 (JST) Tokyo, May 8 (Jiji Press)--Japanese motor manufacturer Nidec Corp. said Thursday that it has decided to withdraw its tender offer for Makino Milling Machine Co. Nidec made the decision in light of the possibility that it would suffer damage if Makino Milling implements a planned takeover defense measure, the free allocation of stock options to existing shareholders. In December, Nidec announced without prior consultation with Makino Milling that it would acquire the machine manufacturer through a tender offer to buy Makino Milling shares at 11,000 yen per share starting April 4. Makino Milling repeatedly asked Nidec to postpone the plan, but Nidec launched the tender offer as planned. In response, Makino Milling announced its opposition to the tender offer and adopted the takeover defense measure, which could reduce Nidec's equity stake. [Copyright The Jiji Press, Ltd.] Jiji Press
CNA
08-05-2025
- Business
- CNA
Japan's Nidec gives up hostile takeover of Makino Milling Machine
TOKYO :Japan's Nidec Corp said on Thursday it was withdrawing its bid for Makino Milling Machine, giving up on its unsolicited takeover plan after Makino threatened to mount a "poison pill" takeover defence. 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.
Bloomberg
08-05-2025
- Business
- Bloomberg
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.'
