Nidec Bids For Toyo Denki

September 2008 | M&A News Alert

On September 16, Japan's Nidec Corporation, the world's largest manufacturer of small- and mid-sized brushless motors, offered to pay up to US$283mn for Toyo Denki Seizo, a Japanese manufacturer of electrical equipment for the railway industry. Nidec have offered JPY635 (US$6.08) for each Toyo share, a 108% premium on its closing price of JPY285 on September 15. Nidec already owns 1000 shares in Toyo, and has said that it will bid for all, but not less than 50.1% of the stock.

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