Nidec (TYO:6594) submitted responses to Makino Milling Machine (TYO:6135) regarding inquiries made in the target's April 11 opinion report on the proposed tender offer, according to a Thursday filing on the Tokyo Stock Exchange.
Nidec launched its offer on April 4 as part of a plan to acquire all shares in the Tokyo-listed industrial machine maker.
In its response, Nidec said it answered the questions in good faith, even though some had been addressed in earlier disclosures or were not considered relevant to shareholder decision-making.
Makino said it remained unconvinced the offer would enhance its corporate value or shareholder interests. Nidec urged Makino's board to make a fair and impartial judgment after reviewing its answers.
The filing also pointed to delays in document exchanges between both companies and noted that Nidec submitted its reply earlier than required to support timely shareholder decisions.
Price (JPY): $2095.00, Change: $+31, Percent Change: +1.48%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.