Nidec Corp. Friday announced a decision to withdraw the acquisition of shares of common stock of Makino Milling Machine Co., Ltd., expecting that the tender would be economically unreasonable. The Japanese manufacturer and distributor of electric motors said the withdrawal will be effective May 9, 2025.
It was on April 3, 2025 that Nidec resolved to acquire shares of common stock of Makino Milling Machine for 11,000 yen per share or around 250 billion yen, or approximately $1.6 billion. The offer representing 41.94 percent premium over closing price of 7,750 yen as on December 26, 2024, was commenced on April 4. Makino Milling is listed on the Tokyo Stock Exchange, Inc..
Now the company determined that if an allotment of share options without contribution is implemented in accordance with the response policy to the Tender Offer, there is a possibility of causing damage to the Company. Further, the company maintained that the Tender Offer would be significantly economically unreasonable.
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