Makino Milling Machine tender offer delayed by regulatory hurdles

MM Holdings K.K. announced a delay in its tender offer for Makino Milling Machine Co., Ltd., initially planned for early December 2025. While competition law clearance in the U.S. and investment regulation clearance in Germany were secured by late September and mid-November 2025 respectively, a partial U.S. government shutdown from October 1, 2025, suspended new notifications to CFIUS, delaying U.S. investment regulation clearance.

MM Holdings now expects U.S. investment regulation clearance by early March 2026. Additionally, clearances for competition law in China and investment regulation laws in Japan, France, and Italy are anticipated between late December 2025 and mid-January 2026. The tender offeror and target company are committed to completing the necessary procedures and responses swiftly.

Mizuho Securities Co., Ltd. is intended to be the tender offer agent, with Rakuten Securities, Inc. acting as its sub-agent. This information, alongside other procedural details, ensures transparency as the companies navigate the regulatory landscape to finalize the tender offer.