Taiwan-based passive components giant Yageo announced on June 25, 2025, that its previously disclosed tender offer to acquire Japan's Shibaura has received approval from Taiwan's Ministry of Economic Affairs (MOEA) Investment Commission. According to relevant Japanese regulations, the takeover bid (TOB) period will be extended from the original deadline of July 1 to July 9, as Yageo continues to gradually increase its shareholding stake.
Yageo chairman Pierre Chen had publicly expressed at a shareholders' meeting his determination to demonstrate an indomitable spirit in acquiring Shibaura. He did not rule out making minor adjustments to the acquisition plan and extending the TOB period. The ultimate goal remains to make Shibaura a wholly owned subsidiary of the group and delist it from the Tokyo Stock Exchange, with completion expected in the third quarter of 2025.
After Yageo unilaterally launched the TOB for Shibaura shares in early 2025, there have been numerous developments. As Shibaura is a globally renowned manufacturer of negative temperature coefficient (NTC) thermistors, Japan's MinebeaMitsumi sought to keep advanced technology domestic by acting as a "white knight" and submitting its own TOB application ahead of Yageo.
To prevent competitors from overtaking the bid, Yageo significantly raised its share purchase price, ultimately confronting Minebea Mitsumi with an offer of JPY6,200 (approx. US$42.94) per share. On May 9, Yageo initiated a non-consensual TOB and subsequently resubmitted the review under Japan's Foreign Exchange and Foreign Trade Act on June 2.
On June 17, Yageo issued a press release stating that, according to Japan's Financial Instruments and Exchange Act, the TOB period for Shibaura would be extended from the original June 19 deadline to July 1.
Less than half a month later, on June 25, Yageo again announced via press release that the TOB period would be further extended to July 9.
Article edited by Jack Wu
