Yageo extends Shibaura takeover bid deadline due to rival proposal
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Yageo Corp and MinebeaMitsumi Inc, two Japanese rivals in the electronics industry, are locked in a competitive bidding war for Shibaura Electronics Co. Yageo has extended its tender offer to acquire Shibaura Electronics to September 10, 2025, following MinebeaMitsumi's bid increase.
Initially, Yageo's offer matched MinebeaMitsumi's new price of ¥6,200 (US$41.99) per share, a 12.72 percent increase from MinebeaMitsumi's original bid. However, MinebeaMitsumi has stated that their price is their maximum and they do not plan to increase it further, nor extend their tender offer period beyond August 28. They have also claimed to have Shibaura Electronics’ management and stakeholders’ support.
Yageo, on the other hand, appears to be reconsidering its terms and has formally amended and extended its tender offer period again beyond MinebeaMitsumi’s deadline. This suggests Yageo may be planning further strategic steps to counter MinebeaMitsumi’s bid.
The acquisition of Shibaura Electronics by Yageo would strengthen its sensor business, as Shibaura is a globally recognized producer of negative temperature coefficient (NTC) thermistors. Shibaura would also gain access to Yageo's global sales network and broad customer base, aiding its expansion in the Americas and Europe.
Shibaura Electronics Co was designated one of Japan's core enterprises for national security earlier this month by the Japanese Ministry of Finance, based mainly on company responses to ministry questionnaires.
The extension of Yageo's tender offer is primarily due to Japan's regulatory process. In Taiwan, Yageo has secured approval from the Ministry of Economic Affairs. The Japanese ministry, however, stated that it is up to foreign bidders to determine whether a proposed deal requires a security review.
The photo accompanying this article was taken by Wen-Yee-Lee for Reuters.
| Company | Offer Price per Share (JPY) | Tender Offer Deadline | Additional Notes | |-----------------|-----------------------------|----------------------|--------------------------------------------------------| | Yageo Corp | 6,200 | Extended to Sep 10 | Extended deadline after MinebeaMitsumi’s bid increase; considering terms revision | | MinebeaMitsumi | 6,200 | Aug 28 | Max price stated; no planned extension; claims Shibaura support |
This ongoing bidding war between Yageo and MinebeaMitsumi continues, with both parties positioning themselves strategically as they compete for Shibaura Electronics.
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