Makino Milling Says Nidec Files Court Petition Over Share Option Allotment

MT Newswires Live04-18

Makino Milling Machine (TYO:6135) said it received a court petition from Nidec Corp. (TYO:6594) seeking to block its planned allotment of share options without contribution, according to a Thursday filing on the Tokyo Stock Exchange.

Nidec, which holds 100 shares in Makino, filed the request for a provisional injunction with the Tokyo District Court on April 16.

It argues that the allotment violates Japan's Companies Act by breaching the principle of equal shareholder treatment and being an "extremely unfair method."

Makino said its board resolved to proceed with the allotment on April 10 under a takeover response plan meant to give time for third-party proposals amid Nidec's tender offer.

The company maintains the move was lawful and fair and called the petition groundless.

Price (JPY): $11320.00, Change: $+50, Percent Change: +0.44%

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