Makino opposes Nidec’s tender offer: Hostile takeover battle intensifies

April 23, 2025

The hostile takeover bid (TOB) initiated by Nidec for Makino Milling Machine has entered a new and contentious phase.

Makino Milling Machine held an online press conference on April 10 to announce its opposition to Nidec’s tender offer. (Photo provided)

On April 10, Makino held an online press conference in which President Shotaro Miyazaki and Executive Vice President Toshiyuki Nagano officially announced their opposition to the TOB. “Taking into account the possibility of competing proposals and other considerations, we have determined that the current offer is not in the best interests of our shareholders,” said President Miyazaki.

Earlier on April 4, Nidec launched the TOB as scheduled and held its own press conference to assert the legitimacy and procedural soundness of its acquisition plan.

Nidec launched the tender offer as scheduled on April 4 and held a press conference on the same day.

Makino had established a special committee to evaluate the offer, and the company’s decision to oppose it was based on the committee’s recommendation. Following the same recommendation, Makino also adopted a shareholder rights plan to lead Nidec to postpone the takeover bid. Under this plan, existing shareholders would be granted stock acquisition rights free of charge. The plan is set to take effect pending approval at Makino’s annual general meeting in June.

In response, Nidec announced on April 16 that it had filed a request with the Tokyo District Court for an injunction to prevent Makino from implementing the rights plan.

With the two companies now clearly taking opposing positions, further developments in the takeover process are expected in the coming weeks.