Yageo Corp (國巨), the world’s No. 3 multilayer ceramic capacitor supplier, yesterday sweetened its offer for Shibaura Electronics Co by 7 percent as a bidding war with MinebeaMitsumi Inc for the Japanese thermistor supplier intensified.
Yageo raised its offering price to ￥6,635 per share from ￥6,200, it said in a statement.
That implied a 2.4 percent premium over Shibaura’s closing price of ￥6,480 in Tokyo yesterday.
Photo: Lee Wen-yee, Reuters
The announcement followed a visit by Shibaura’s management to Yageo’s Kaohsiung facility on Tuesday and Wednesday. It also came after MinebeaMitsumi last week raised its offer price to ￥6,200 from ￥5,500.
Yageo aims to buy out all 15.25 million Shibaura shares in cash. The tender offer would succeed if it meets the minimum acquisition number of 7.62 million shares, or about 50 percent, valued at ￥50.56 billion (US$341.97 million).
Along with a higher offer price, Yageo also extended the tender offer deadline to Sept. 4, although it still expects to complete the deal in the third quarter, the statement said.
Shibaura would benefit from Yageo’s global network and the acquisition would strengthen the Japanese firm’s customer engagement, Yageo said.
It would also present an opportunity for Shibaura to extend its product applications and penetrate new market segments, it added.
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