Japan's Makino Milling says it received buyout offers rivalling Nidec's
JAPAN'S MAKINO MILLING SAYS IT RECEIVED BUYOUT OFFERS RIVALLING NIDEC'S TOKYO: Japan's Makino Milling Machine said on Monday it has accepted legally binding proposals to take the company private that are on par with an unsolicited bid by Nidec Corp. 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 requested Nidec to refrain from finalizing its tender offer bid until May 9 or any later date, the company said in a statement.
Nidec, a Japanese manufacturing giant, in December announced its plan to make a 257 billion yen (1.75 billion) bid for Makino Milling Machine, at 42 per cent premium at that time. It has said it planned to launch the tender offer on April 4, even if Makino has not given its approval.
In a statement, Nidec said it would consider Makino Milling's request and respond.
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