Key Facts
• February 2025: Yageo announced a TOB for Shibaura Electronics without consent.
• May 2025: Minebea began its TOB as a “White Knight” at Shibaura’s request.
• August 14, 2025: Minebea raised its TOB price to 6,200 yen per share, matching Yageo.
• August 18, 2025: Yageo extended its TOB deadline to August 28, matching Minebea.
• Minebea CEO Yoshihisa Kainuma called 6,200 yen the “maximum reasonable price.”
• Yageo hinted at further price increases, potentially prolonging the bidding war.
• Both firms have repeatedly extended TOB periods due to prolonged regulatory reviews.
• Japanese authorities’ foreign exchange law review has delayed Yageo’s approval.
• Minebea aims to break the stalemate by matching Yageo’s offer.
• The outcome of this corporate battle remains uncertain.
Summary
The competition for Shibaura Electronics between Minebea Mitsumi and Taiwan’s Yageo intensifies as both firms vie for control. Yageo initiated a TOB in February 2025 without Shibaura’s consent, while Minebea entered the fray in May as a “White Knight.” On August 14, Minebea raised its offer to 6,200 yen per share, matching Yageo’s bid. Yageo extended its TOB deadline to August 28 and hinted at further price increases. Minebea CEO Yoshihisa Kainuma described the 6,200 yen offer as the “maximum reasonable price” but expressed confidence in prevailing even if Yageo raises its bid. Regulatory delays under Japan’s foreign exchange law have prolonged the process, with both companies repeatedly extending their TOB periods. The outcome of this high-stakes corporate battle remains uncertain, with the potential for further escalation.
