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Investing.com -- Japanese firm Makino Milling Machine announced on Monday that it has received third-party acquisition proposals.
These offers are competing with an unsolicited buyout bid from another Japanese manufacturing giant, Nidec.
According to a source with direct knowledge of the matter, who chose to remain anonymous as the information has not been made public, the proposals include those from MBK Partners and Nippon Sangyo Suishin Kiko Group (NSSK).
In addition to receiving these proposals, Makino has requested Nidec to delay the commencement of its tender offer bid to May 9 or later. The company made this request known through a statement.
In December, Nidec had announced its plans to make a bid for Makino Milling Machine. The bid was worth 257 billion yen ($1.75 billion), reflecting a 42% premium at that time.
Nidec had stated its intention to launch the tender offer on April 4, regardless of whether Makino consented. Now, with the new acquisition proposals on the table, Nidec’s buyout offer faces competition.
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