TOKYO :Japanese components maker Minebea Mitsumi has decided to raise its tender offer price for thermistor maker Shibaura Electronics to 6,200 yen ($42.31) from 5,500 yen ($37.53), the companies said on Thursday.
The new price matches the tender offer price presented by Taiwanese components supplier Yageo in its unsolicited bid to acquire Shibaura Electronics.
The bidding battle has become a test of Japan’s openness to unsolicited takeovers. Stigma around such offers has eased recently, yet unsolicited bids from foreign firms remain rare.
After Yageo’s overture in February, Shibaura Electronics tapped Minebea Mitsumi as a white knight and called on it to submit a competing bid.
Both Minebea Mitsumi and Yageo extended their tender offer period for Shibaura Electronics until August 18.
Japan’s Finance Ministry last week formally classified Shibaura Electronics as core to national security. Yageo, the world’s largest maker of chip resistors, is awaiting the outcome of the security review under the Foreign Exchange and Foreign Trade Act.
($1 = 146.5400 yen)
Source: CNA
