Nidec Seeks Injunction to Block Makino Milling's Share Option Allotment Plan

MT Newswires Live04-17

Nidec (TYO:6594) filed for a provisional injunction to block Makino Milling Machine's (TYO:6135) planned share option allotment, a defensive measure against Nidec's ongoing tender offer, according to a Wednesday filing on the Tokyo Stock Exchange.

The filing follows Makino's move on April 10 to allot free share options under takeover defense policies. Nidec's offer, launched April 4, aims to make the machine tool builder a wholly owned unit.

Nidec called the allotment plan a countermeasure intended to thwart its bid and said it will publish further details on its website.

Price (JPY): $2064.50, Change: $-82, Percent Change: -3.80%

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