Makino Milling Machine (TYO:6135) said the planned tender offer by investment services company MM Holdings K.K. for all its shares, initially targeted for early December, is now delayed into 2026 due to pending regulatory clearances in the US and other countries.

The commencement has been delayed because required regulatory clearances under competition and foreign investment laws in several key countries are still pending.

More specifically, the tender offer's new regulatory clearance timeline expects approvals from China and Italy around mid-to-late December.

Meanwhile, regulatory clearance from Japan and France is estimated between late December 2025 and mid-January 2026, and from the US (CFIUS) around early March 2026, following a government shutdown.

Each of these clearances must be secured before the offer can proceed.

The company clarified that procedures initially considered for Australia were deemed unnecessary after further legal review.

Both Makino Milling Machine and MM will continue working to complete these procedures promptly and will announce once all conditions are satisfied to launch the tender offer.

The tender offeror also intends to appoint Mizuho Securities as its agent, which plans to engage Rakuten Securities as a sub-agent.