TOKYO (Reuters) – Japan’s Makino Milling Machine said on Monday it has received legally binding third-party proposals for acquisition that rival an unsolicited buyout offer from Nidec. The proposals include those from MBK Partners and Nippon Sangyo Suishin Kiko Group (NSSK), a person with direct knowledge told Reuters, declining to be identified because the information […]
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Japan’s Makino Milling says it received buyout offers rivalling Nidec’s
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TOKYO (Reuters) – Japan’s Makino Milling Machine said on Monday it has received legally binding third-party proposals for acquisition that rival an unsolicited buyout offer from Nidec.
The proposals include those from MBK Partners and Nippon Sangyo Suishin Kiko Group (NSSK), a person with direct knowledge told Reuters, declining to be identified because the information is not public.
Makino has also asked Nidec to postpone starting its tender offer bid to May 9 or later, the company said in a statement.
Japanese manufacturing giant Nidec in December announced plans to launch a 257 billion yen ($1.75 billion) bid for Makino Milling Machine, at a 42% premium at the time. It has said it planned to launch the tender offer on April 4, even without Makino’s consent.
In a statement, Nidec said it would review Makino Milling’s request and respond.
($1 = 147.1600 yen)
(Reporting by Miho Uranaka and Rocky Swift; Editing by Tom Hogue and Louise Heavens)