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.