TAIPEI (Taiwan News) — Yageo has secured control of Japan’s Shibaura Electronics with a NT$22.5 billion (US$740 million) tender offer, Reuters reported Friday.
The Friday filing showed most Shibaura shareholders accepted Yageo’s offer of NT$1,500 per share, giving the Taiwanese firm a decisive edge. The bid ended months of tension between Yageo and Shibaura’s board, which had resisted the unsolicited approach.
The takeover became a litmus test for Japan’s willingness to allow foreign buyers into industries considered sensitive. Shibaura’s thermistor sensor business was deemed part of the country’s “core” national security sector, triggering a seven-month government review.
Yageo cleared the process last month after agreeing to conditions imposed by regulators, though details were not disclosed. People familiar with the talks said the company accepted all requirements to secure approval.
The battle intensified when Shibaura recruited Japanese rival Minebea Mitsumi as a white knight. Minebea offered NT$42 per share, but its lower bid failed to sway investors away from Yageo’s higher premium.
