Taiwan-based Yageo has launched a takeover bid (TOB) to acquire Japan's Shibaura Electronics. Shibaura responded by claiming it had not been notified in advance. Shortly after, the company formed a special committee of external experts to evaluate the bid and participate in negotiations.
Yageo countered Shibaura's statement, insisting that it had provided prior notice before announcing the TOB. The company dismissed Shibaura's claim as inaccurate and called for a correction.
Nikkei reported that Yageo unveiled its TOB for Shibaura on February 5, 2025, with plans to initiate the bid on May 7, 2025, aiming for full ownership. The move constitutes a hostile takeover via a public tender offer, in compliance with Japan's Ministry of Economy, Trade and Industry (METI) Guidelines on Corporate Takeovers.
That same day, Shibaura issued a statement asserting that Yageo had not reached out before announcing the TOB.
On February 13, Yageo dismissed Shibaura's claim, stating that it had provided advance notice. The company called Shibaura's February 5 statement "clearly inconsistent with the facts" and released documents sent to Shibaura in January 2025 as evidence.
Yageo's letter was directed to Shibaura's board, the special committee overseeing the acquisition review, and President Akira Kasai.
In the letter, Yageo highlighted the acquisition's strategic benefits for both companies and stakeholders. It urged Shibaura to enter discussions and expressed willingness to address any concerns from the special committee.
