Shibaura backs MinebeaMitsumi's takeover bid, rejects YAGEO's offer

Shibaura Electronics (TSE:6957) has thrown its full support behind MinebeaMitsumi's revised takeover bid, recommending that its shareholders tender their shares to MinebeaMitsumi's offer of JPY 5,500 per share. This decision comes after MinebeaMitsumi increased its offer price in response to a competing bid from YAGEO Corporation. Initially, YAGEO offered JPY 4,300 which then revised to JPY 5,400 per share.