Nidec to bid $1.6 billion for Makino Milling (updated)

Makino Milling Machine

26/12/2024 23:59

(Adds details in paragraphs 1-3, changes keywords for media
clients from NIDEC-MAKINO MILLING/TENDER)
       TOKYO, Dec 27 (Reuters) - Japanese manufacturing giant
Nidec  6594.T  said on Friday it planned to launch a tender
offer for Makino Milling Machine  6135.T  at a 42% premium to
Thursday's closing share price, with or without the target
company's approval.
    Nidec said it intended to spend about 257 billion yen ($1.63
billion) on the acquisition to take Makino private, but the
target's board had not agreed to the offer of 11,000 yen per
share.
    Nidec plans to clear the regulatory processes by early April
and to launch the tender offer on April 4, even without Makino's
consent, it said in a statement.
($1 = 157.7400 yen)

 (Reporting by Rocky Swift and Kantaro Komiya; Editing by Chris
Reese and Jamie Freed)
 ((rocky.swift@thomsonreuters.com;))