TOKYO (Reuters) -Taiwan’s Yageo on Saturday raised its tender offer for Japan’s Shibaura Electronics by 7.5% to 7,130 yen per share, and extended the offer period to September 8.
Yageo is in an escalating bidding war with Japanese components maker Minebea Mitsumi for Shibaura, a major thermistor sensors maker.
The contest began after Minebea Mitsumi, brought in by Shibaura as a white knight to counter Yageo’s unsolicited bid,
matched Yageo’s initial 6,200 yen bid last week. Yageo responded on Thursday by raising its price to 6,635 yen.
Yageo, the world’s largest maker of chip resistors, stated that the price increase reflects its “firm belief in the potential for synergy from the integration of the two companies.”
Minebea Mitsumi said in a statement late Thursday it would neither raise its offer nor extend its offer deadline past August 28.
The proposed 6,200 yen “is deemed reasonable and the maximum possible price,” it said.
(Editing by Kim Coghill)
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