Announcement • May 09

Nidec Corporation (TSE:6594) cancelled the acquisition of Makino Milling Machine Co., Ltd. (TSE:6135) from a group of shareholders.

Nidec Corporation (TSE:6594) proposed to acquire Makino Milling Machine Co., Ltd. (TSE:6135) from a group of shareholders for approximately ¥260 billion on December 26, 2024. Nidec Corporation (TSE:6594) entered into a letter of intent to acquire Makino Milling Machine Co., Ltd. (TSE:6135) from a group of shareholders on December 27, 2024. As of December 27, 2024, Nidec will submit to Makino Milling a letter of intent. The Tender Offer is scheduled to commence on April 4, 2025. The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, approval of offer by acquirer board and subject to antitrust regulations. The Board of Directors of Makino Milling Machine Co., Ltd. formed a special committee for the transaction. As of January 22, 2025, the waiting period for the application for approval under the U.S. competition law has expired. As of January 31, 2025, the Special Committee has, through letters to Nidec dated January 15, 2025 and January 22 2025, requested (i) the commencement date of the Tender Offer to be postponed to May 9, 2025, (ii) the lower limit on the planned number of shares to be purchased in the Tender Offer be raised to two-thirds or more of the total voting rights of the Company’s shares, and (iii) to refrain from actions and statements that discourage potential acquiring parties or others considering an alliance with the Company from submitting competing proposals. While the Company understands that Nidec responded with a rejection of each of the requests above, after thorough examination of the reasons for such rejection, the Company would like to, once again today from the Company’s board of directors, request for items (i) through (iii) to Nidec’s board of directors, including independent and external directors. The Company hereby announces that a “Request from Our Board of Directors to Your Board of Directors” has been sent. The transaction obtained U.S. antitrust clearance on January 22, 2025 and Japanese antitrust clearance on February 12, 2025. As of February 27, 2025, Nidec obtained approval an unconditional approval under Italian Legislative Decree No. 21/2012 (Golden Power Law) (Foreign Investment Regulations). On March 11, 2025, German Foreign Trade Act Enforcement Order (Foreign Investment Restrictions) has approved the transaction. On March 17, 2025, Spanish Foreign Investment Law (Foreign Investment Restrictions) has approved the transaction. As of March 18, 2025, the Czech Ministry of Industry and Trade pursuant to the Czech Foreign Investment Screening Act (Foreign Investment Restrictions) approved the transaction on March 18, 2025. As of March 21, 2025, the Austrian Cartel Act (Competition Law) from the Austrian Federal Competition Authority and the Federal Cartel Prosecutor for the approvals necessary for the transaction was obtained. As of March 24, 2025, Nidec Corporation has obtained from the Ministry of Economy of the Slovak Republic its confirmation under the Slovakia Foreign Trade Control Act (Foreign Investment Regulations) that no risk of negative impact of the foreign investment has been identified – one of the permits and approvals for this case required for a series of transactions for the purpose of making Makino Milling Machine Co., Ltd. (listed on Tokyo Stock Exchange, Inc.’s Prime Market) a wholly owned subsidiary of Nidec. As of March 24, 2025, the Company received the document titled “Statement by JAM with respect to the Tender Offer for Shares of Makino Milling Machine Co., Ltd. by Nidec Corporation” from the Japanese Association of Metal, Machinery, and Manufacturing Workers. Although the Company has neither requested nor encouraged JAM or the Company’s labor union for the JAM Statement or otherwise with respect to the Proposal, the Company Union has informed the Company that its position is aligned with that of the JAM Statement. As of March 28, 2025, Nidec Corporation has obtained from the Turkish Competition Authority its approval under the Communiqué No. 2010/4 on the Mergers and Acquisitions Subject to the Approval of the Competition Board (Turkish Competition Law). As of April 3, 2025, The Company hereby announces that, because 60 business days have passed since December 27, 2024 on which the Company received the Letter of Intentin relation to the Proposal, the period for providing necessary information has expired and the evaluation period by the board of directors has commenced. Nidec Corporation will starting tomorrow commence a tender offer for shares of Makino Milling Machine Co., Ltd. The Board of Directors meeting held on April 3, 2025, the Tender Offeror resolved to commence the Tender Offer on April 4, 2025. As of April 3, 2025, the Tender Offeror confirmed that all required procedures under the competition laws (Japan, the United States, China, Austria, and Turkey) and foreign investment regulations (the laws (Japan, the United States, China, Austria, and Turkey) and foreign investment regulations (the United United States, Germany, France, Italy, Slovakia, Spain, and the Czech Republic) had been completed, States, Germany, France, Italy, Slovakia, Spain, and the Czech Republic) had been completed, with the exception of the Chinese competition law procedure. Although the pre with the exception of the Chinese competition law procedure. As of April 10, 2025, Makino Milling asked all shareholders no to apply for NIDEK takeover bid and if already applied asked promptly to cancel application. The transaction is expected to close on May 21, 2025. As of May 8, 2025, at the Board of Directors meeting, it was determined that if an allotment of share options without contribution is implemented in accordance with the response policy to the Tender Offer, there is a possibility of causing damage to the Company, and maintaining the Tender Offer would be significantly economically unreasonable. Therefore, the Company decided to withdraw the Tender Offer effective May 9, 2025. TMI Associates acted as legal advisor for Nidec Corporation. Mita Securities is acting as the tender offer agent and Monex Securities, Inc. is acting as the sub-agent for the tender offer. Ken Lebrun, Mary K. Marks, Gregory S. Morrison and Paul D. Marquardt of Davis Polk & Wardwell LLP and Freshfields LLP acted as the legal advisors to Nidec. Nidec Corporation (TSE:6594) cancelled the acquisition of Makino Milling Machine Co., Ltd. (TSE:6135) from a group of shareholders on May 9, 2025.

CEO salary percentage	n/a
CEO tenure	4.3yrs
CEO ownership	0.05%
Management average tenure	4.3yrs
Board average tenure	4.3yrs

Name	Position	Tenure	Compensation	Ownership
Shotaro Miyazaki	President	4.3yrs	no data	0.050% $ 1.1m
Toshiyuki Nagano	EVP, Executive Manager of Corporate Service Div.	10.3yrs	no data	0.043% $ 951.9k
Haruyuki Shiraishi	Exe. Manager of R&D Div.	4.3yrs	no data	0.021% $ 468.8k
Jun Kanaya	Executive Officer	1.3yrs	no data	no data
Hiroyuki Makino	Deputy Executive Manager of Corporate Service	1.3yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
Shotaro Miyazaki	President	4.3yrs	no data	0.050% $ 1.1m
Toshiyuki Nagano	EVP, Executive Manager of Corporate Service Div.	17.3yrs	no data	0.043% $ 951.9k
Haruyuki Shiraishi	Exe. Manager of R&D Div.	4.3yrs	no data	0.021% $ 468.8k
Jun Kanaya	Executive Officer	1.3yrs	no data	no data
Hiroyuki Makino	Deputy Executive Manager of Corporate Service	1.3yrs	no data	no data
Akio Koumura	Chair of Standing Audit & Supervisory Board	5.3yrs	no data	0.0068% $ 151.5k
Kazuo Takahashi	Outside Independent Director	3.3yrs	no data	0.00086% $ 19.0k
Naofumi Masuda	Independent Director	6.3yrs	no data	0.0021% $ 47.4k
Kodo Yamazaki	Independent Director	6.3yrs	no data	0.0034% $ 75.7k
Jinei Yamaguchi	External Full-time Audit & Supervisory Board Member	6.3yrs	no data	0.0043% $ 94.8k
Neo Eng Chong	Director	1.3yrs	JP¥144.00m	no data
Ayako Takai	Independent External Director	2.3yrs	no data	0.00043% $ 9.5k

Data	Last Updated (UTC time)
Company Analysis	2026/09/14 17:28
End of Day Share Price	2026/07/15 00:00
Earnings	2026/06/30
Annual Earnings	2026/03/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Makino Milling Machine Management

Management criteria checks 2/4

Key information

Recent management updates

Makino Milling Machine Co., Ltd., Annual General Meeting, Jun 23, 2026

Makino Milling Machine Co., Ltd., Annual General Meeting, Jun 19, 2025

Recent updates

Makino Milling Machine Co., Ltd. Provides Dividend Forecast for the Fiscal Year Ending March 31, 2027

Makino Milling Machine Co., Ltd. (TSE:6135) announces an Equity Buyback for 415,000 shares, representing 1.67% for ¥6,000 million.

Makino Milling Machine Co., Ltd. to Report Q1, 2027 Results on Jul 31, 2026

MBK Partners K.K. cancelled the acquisition of Makino Milling Machine Co., Ltd. (TSE:6135).

Makino Milling Machine Co., Ltd., Annual General Meeting, Jun 23, 2026

Makino Milling Machine Co., Ltd. to Report Fiscal Year 2026 Results on Apr 30, 2026

Makino Milling Machine Co., Ltd. Revises Consolidated Earnings Guidance for the Full Year Ending March 31, 2026

Makino Milling Machine Co., Ltd. to Report Q3, 2026 Results on Jan 30, 2026

Makino Milling Machine Co., Ltd. to Report Q2, 2026 Results on Oct 31, 2025

Makino Milling Machine Co., Ltd. to Report Q1, 2026 Results on Jul 31, 2025

Makino Milling Machine Co., Ltd. Resolves Not to Distribute Dividends for the End of Second Quarter and for the Fiscal Year Ending March 31, 2026

MBK Partners K.K. proposed to acquire Makino Milling Machine Co., Ltd. (TSE:6135) for approximately ¥270 billion.

Nidec Corporation (TSE:6594) cancelled the acquisition of Makino Milling Machine Co., Ltd. (TSE:6135) from a group of shareholders.

Makino Milling Machine Co., Ltd., Annual General Meeting, Jun 19, 2025

Makino Milling Machine Co., Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2025

Makino Milling Machine Co., Ltd. (TSE:6135) announces an Equity Buyback for 200,000 shares, representing 0.84% for ¥1,000 million.

Makino Milling Machine Co., Ltd. to Report Q1, 2025 Results on Jul 31, 2024

Makino Milling Machine Co., Ltd. (TSE:6135) announces an Equity Buyback for 180,000 shares, representing 0.76% for ¥1,000 million.

Makino Milling Machine Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2024

Makino Milling Machine Co., Ltd. (TSE:6135) announces an Equity Buyback for 200,000 shares, representing 0.84% for ¥1,000 million.

Makino Milling Machine Co., Ltd. to Report Q3, 2024 Results on Jan 31, 2024

Makino Milling Machine Co., Ltd. to Report Q2, 2024 Results on Oct 31, 2023

Makino Milling Machine Co., Ltd. to Report Q3, 2023 Results on Jan 31, 2023

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources

Analyst	Institution
Kenjin Hotta	BofA Global Research
Chika Fukumoto	Citigroup Inc
Hirosuke Tai	Daiwa Securities Co. Ltd.