TOKYO (dpa-AFX) - Nidec Corp. (NJ), a Japanese manufacturer and distributor of electric motors, announced its intention to acquire Makino Milling Machine, a machine tool manufacturer. The announcement was made without the approval of Makino's management, according to several media reports.
The reports indicated that Nidec plans to offer 11,000 yen per share, representing a 41.94% premium over the previous day's closing price of 7,750 yen. If Nidec successfully acquires all of Makino's shares, the total cost is estimated to exceed 250 billion yen or $1.6 billion.
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