Yageo Corp (國巨), the world’s third-largest maker of multilayer ceramic capacitors (MLCC), has extended the deadline of its tender offer to acquire Japan-based Shibaura Electronics Co to Friday next week after Japanese rival MinebeaMitsumi Inc raised its bid.
The deadline, originally set for Monday, was pushed back following MinebeaMitsumi’s decision on Thursday to raise its offer by 12.72 percent to ￥6,200 (US$41.99) per share.
The offer matched the price Yageo offered on May 9, the company said in a statement on Monday.
Photo: Wen-Yee-lee, Reuters
Yageo said that it is reviewing “whether to revise the terms of the tender offer in response to MinebeaMitsumi’s revised bid.”
It is the seventh deadline extension in Yageo’s pursuit of Shibaura, which it described as a “globally recognized” producer of negative temperature coefficient (NTC) thermistors. Previous extensions were largely due to Japan’s regulatory process. In Taiwan, Yageo has already secured approval from the Ministry of Economic Affairs.
Yageo said it is considering whether it would raise the terms of the tender offer “based on MinebeaMitsumi’s changes to their tender offer conditions.”
The company said the acquisition would strengthen its sensor business, while giving Shibaura access to its global sales network and broad customer base to expand in the Americas and Europe.
Earlier this month, international media reported that the Japanese Ministry of Finance had designated Shibaura as one of the nation’s core enterprises for national security.
The reports suggested that the classification list was based mainly on company responses to ministry questionnaires, adding that the Japanese ministry said it is up to foreign bidders to determine whether a proposed deal requires a security review.
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