Official announcements from Nidec or Makino Milling, financial news reports

Nidec Initiates $1.6 Billion Unsolicited Takeover of Makino Milling Without Consent, Set for April

Dec 27, 2024, 03:02 AM

Nidec Corp., a Japanese motor manufacturer, has announced a $1.6 billion takeover bid for Makino Milling Machine Co., a major machine tool maker, without the prior consent of Makino's management. The bid, set to commence in April next year, offers 11,000 yen per share, a 41.94% premium over Makino's closing price of 7,750 yen on the previous trading day. If successful, the acquisition would cost over 250 billion yen and aim to make Makino a wholly owned subsidiary of Nidec. Nidec plans to proceed with the takeover even without Makino's agreement, stating intentions to create a world-leading comprehensive machine tool manufacturer through the merger. Makino Milling has indicated that it will review the disclosed information before issuing a statement on the takeover bid.