Takeover Defense: Tokyo District Court dismisses Nidec’ petition for an injunction against Makino’s countermeasure [May ’25]
On May 7, the Tokyo District Court dismissed Nidec’s petition for an injunction against the countermeasure implemented by Makino Milling to delay Nidec’s takeover bid (TOB) for a controlling stake in Makino.
On May 8, Nidec announced its decision to withdraw the TOB.
Here is the timeline:
- On December 27, Nidec announced its intention to launch a TOB for a controlling stake in Makino. Since then, Makino has been resisting the proposal and is actively seeking a white knight. According to Makino, it has received indicative offers from a multiple number of investment funds; however, no firm offers have been announced yet.
- On April 4, Nidec officially launched a TOB in accordance with its announcement made in December. The offer period lasts for 30 business days and will expire on May 21. Nidec intends to extend this period by an additional 10 business days if more than 50% of the shares are tendered by the May 21 deadline.
- On April 10, Makino announced that its Board is formally opposed to the bid and has implemented a countermeasure that, subject to shareholder approval at the Annual General Meeting (AGM) in late June, will dilute Nidec’s stake if the TOB closes before the AGM.
- On April 17, Nidec filed a petition for an injunction with the Tokyo District Court.
- On May 7, the Tokyo District Court dismissed Nidec’s petition.
- On May 8, Nidec announced its decision to withdraw the TOB.