Yageo Corp. officially launched a public tender offer for Shibaura Electronics on May 9, 2025. Shibaura, a globally recognized manufacturer of negative temperature coefficient (NTC) thermistors, is noted for its strong technical capabilities.
In a press release, Yageo announced that it has completed condition discussions with Japan's Ministry of Economy, Trade and Industry (METI) regarding the acquisition of Shibaura shares. Following this positive development, Yageo said it will submit all required regulatory filings on August 28.
Under Japanese regulations, the public tender period has been extended until September 10, 2025. Legal advisors to Yageo have indicated that the company expects to receive approval for the acquisition no later than this date.
The company emphasized that the acquisition aligns with its long-term growth objectives, combining Yageo's scale and market reach with Shibaura's specialized engineering capabilities to better serve international clients and advance research and development in temperature-sensitive electronic components.
In February 2025, Yageo launched an unsolicited tender offer for Shibaura Electronics at JPY4,300 (US$29.13) per share, valuing the company at over JPY65 billion. Shibaura turned to Minebea Mitsumi as a "white knight," which countered with JPY4,500 per share in April, starting a bidding war. Yageo raised its bid multiple times, reaching JPY6,635 per share by August after Shibaura's management visited Yageo's Kaohsiung plant.
The acquisition faced regulatory scrutiny in Japan due to national security concerns tied to Shibaura's critical technology. In August, Japan's finance ministry classified Shibaura as essential to national security, prompting a Foreign Exchange and Foreign Trade Act (FEFTA) review. Yageo preemptively filed for a security review to comply with the regulations and support approval.
Article edited by Joseph Chen
