Nidec (TYO:6594) has withdrawn its tender offer for Makino Milling Machine following a ruling by the Tokyo District Court on May 7, according to its filing on May 8.
The court dismissed Nidec's petition for a provisional injunction against Makino's planned allotment of share options without contribution, according to a separate filing by Makino on May 8.
Makino had announced the share option plan on April 10 as a countermeasure to Nidec's unsolicited takeover.
Nidec said it would suffer damage if the machine tool maker proceeds with the granting of stock acquisition rights to existing shareholders.
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.