TOKYO (Reuters) -Japan’s Nidec Corp said on Thursday it was withdrawing its bid for Makino Milling Machine, giving up on its unsolicited takeover plan after Makino threatened to mount a “poison pill” takeover defence.
Nidec said in a statement its board decided to withdraw the April 4 tender offer effective Friday.
“Maintaining the tender offer would be significantly economically unreasonable” if Makino Milling’s defence tactic was employed, it said.
Nidec’s offer, at 11,000 yen per share, valued Makino Milling at 257 billion yen ($1.78 billion). Makino Milling’s shares ended down 0.36% on Thursday at 11,090 yen.
($1 = 144.5700 yen)
(Reporting by Chang-Ran Kim; Editing by Kate Mayberry)
