Nidec withdraws its $1.8 billion hostile takeover bid for Makino Milling Machine

Nidec has dropped its unsolicited offer to buy Makino Milling Machine after facing opposition from the target company, which threatened to block the deal by granting acquisition rights to existing shareholders. The company had previously sought an injunction against Makino but was denied in court. Nidec also faced pressure to delay the tender due to Makino's request for more time to evaluate other offers. As a result of these challenges and the strategic shift led by founder Shigenobu Nagamori, who stepped down as CEO last year, the offer is no longer being pursued. The decision highlights the growing difficulty for takeover acquirers in securing deals against strong resistances.