Makino unveils 5-year business plan amid TOB dispute with Nidec

February 19, 2025

Negotiations between Nidec and Makino over the proposed tender offer (TOB) continue to intensify. Nidec has set April 4 as the scheduled start date for the TOB, with a minimum acceptance threshold of 50%. However, Makino’s special committee composed of four outside directors, together with its board of directors, has submitted three separate requests (as of February 12) urging Nidec to postpone the TOB start date to May 9 and to raise the minimum acceptance threshold to two-thirds. Despite these repeated requests, Nidec has refused to comply and continues to call for an early meeting with Makino’s management team.

Nidec held a press conference on January 23 to explain its TOB strategy to the media.

On February 7, Makino announced that it had sent a letter of inquiry to Nidec. This followed an earlier inquiry sent on January 28, to which Nidec responded on January 31. However, Makino stated that Nidec’s response did not provide sufficient details for a thorough evaluation and again requested clarification on key issues, including the expected synergies from the acquisition and potential risks such as customer attrition.

In addition, in an effort to provide its shareholders with comparative data to Nidec’s proposal, Makino released a five-year business plan on February 12, outlining its strategic vision through the fiscal year ending March 2030.