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芝浦不同意出售?国巨要强买!
半导体行业观察·2025-02-27 01:50

Core Viewpoint - Yageo Group is determined to acquire Shibaura Electronics despite the latter's lack of consent, emphasizing the strategic importance of Shibaura's temperature sensor technology for AI and electric vehicle applications [1][3]. Group 1: Acquisition Rationale - Shibaura Electronics has excellent temperature sensor technology, crucial for AI and electric vehicle applications. However, 60% of its business is domestic in Japan, with only 6% of sales coming from major markets like Europe and the US [3]. - The largest portion of Shibaura's sales comes from home appliances, accounting for 44%, while automotive and industrial applications contribute minimally and are unlikely to see significant growth [3]. Group 2: Business Strategy Post-Acquisition - Yageo plans to leverage its global influence and existing customer base in advanced fields like AI and automotive to help Shibaura expand its business in Europe and the US [4]. - The strategy focuses on growth through investment and support rather than cost-cutting, aiming for a mutually beneficial relationship [4]. - Yageo intends to expand Shibaura's factories, similar to its previous acquisition of Tokin, where it invested in debt repayment and new factory construction [4]. Group 3: Market Environment and Timing - The decision to pursue the acquisition now is influenced by significant changes in the global business environment and Japanese regulations over the past three years, including geopolitical risks and economic downturns [5][6]. - Taiwan has emerged as a center for the AI industry, increasing the urgency for Yageo to act [6]. Group 4: Approach to Acquisition - Yageo is open to proceeding with a tender offer even without Shibaura's consent but hopes to demonstrate sincerity to gain their approval [7]. - The company has never conducted an unsolicited acquisition before but believes that adapting to the rapidly changing industry landscape is essential for future success [9].