Soon after Shibaura Electronics received a $465mn hostile takeover bid in February, the manufacturer of temperature sensors used in products from rice cookers to missiles fired off a list of 50 questions to its pursuer, Yageo.
One of the enquiries it directed at the Taiwanese company, which has business links to China, concerned how much of its sales are to the Chinese military. Yageo declined to answer, offering a conversation behind closed doors instead.
A Japanese group, MinebeaMitsumi, emerged as a rival suitor, but has twice been outbid by Yageo, whose current offer of ￥6,200 is 97 per cent above Shibaura’s share price before the tussle began. Shibaura’s board has now dropped its opposition to Yageo’s offer.
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