Yageo Corp (國巨), the world’s No. 3 multilayer ceramic capacitor (MLCC) supplier, yesterday again extended the deadline of its tender offer for Japan’s Shibaura Electronics Co to Aug. 1 as it has yet to obtain approval from Japanese authorities.
The fifth-time deadline extension came as a review of the deal has not been completed under Japan’s Foreign Exchange and Foreign Trade Act, Yageo said in a statement.
The company said it hoped to obtain the necessary approval for the potentially ￥94.55 billion (US$639.2 million) deal before the expiration of the new deadline.
Photo: Wen-Yee Lee, Reuters
Yageo expects to wrap up the deal in the third quarter as planned previously, the company said in a filing with the Taiwan Stock Exchange.
“We have no plans on withdrawing the tender offer as of now,” Yageo said in a seperate statement responding to the questions from Shibaura Electronics regarding the tender offer.
Yageo expects the acquisition of Shibaura Electronics, the world’s largest supplier of thermistors, to further bolster its sensor business by expanding its product portfolio. The deal would help Shibaura Electronics to expand its global reach to the US and Europe and to penetrate to more market segments beyond automotive and consumer sectors, it said.
Yageo and Shibaura Electronics are set to hold a third meeting on Thursday and Friday in Taipei to explore Shibaura and YAGEO’s synergy effects and to share future business strategies.
Yageo on May 9 launched the tender offer through its Japanese subsidiary Yageo Electronics Japan LLC. It aims to acquire all 94.55 million Shibaura shares in cash with an offering price of ￥6,200 per share.
The deal would succeed if Yageo acquires 7.62 million Shibaura Electronics shares, or a 50 percent stake in the Japanese firm, the company said in a regulatory filing in May.
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