Japanese manufacturing giant Nidec said on Friday it planned to launch a ?257 billion ($1.6 billion) bid for Makino Milling Machine, a surprise unsolicited takeover offer in a country better known for agreed upon deals.
Nidec said Makino¡¯s board had not agreed to the ?11,000 per share offer, a 42% premium to Thursday¡¯s closing share price, as it had not proposed the bid before announcing it.
The world¡¯s top manufacturer of precision motors said it plans to clear regulatory processes by early April and launch the tender offer on April 4, even without Makino¡¯s consent.
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