Shares of Makino Milling Machine Co.tumbled as much as 21% on Friday, the most on record, after Nidec Corp. withdrew its unsolicited takeover bid for the Japanese machine tool maker.
Nidec abandoned its ¥257 billion ($1.76 billion) acquisition plan after a Tokyo court rejected its petition to halt Makino’s takeover defense measures. Makino’s management has resisted Nidec’s bid since the world’s top maker of mini motors announced a surprise takeover plan in December.
Makino said it’s working to finalize proposals from other suitors. Reuters reported last month that the Japanese firm was talking to Carlyle to counter Nidec’s bid. ...
