Core Viewpoint - The acquisition of Shibaura Electronics by Yageo marks a significant milestone as it is the first instance of a foreign company acquiring a large Japanese firm through a voluntary tender offer, reflecting Yageo's commitment to long-term investment in the Japanese market [2][4]. Group 1: Acquisition Details - Yageo has completed the acquisition of Shibaura Electronics with a tender offer acceptance rate of 87.3%, aiming to make Shibaura a wholly-owned subsidiary and delist it by Q1 2026 [2]. - The acquisition cost is approximately 109 billion yen (7.23 billion USD) for 100% of the shares, following a prolonged bidding war [2][4]. - The final acquisition price was set at 7,130 yen per share, surpassing the competing offer from Minebea Mitsumi, which was 6,200 yen per share [2][5]. Group 2: Strategic Implications - Yageo's acquisition aims to enhance its product line and transform into a comprehensive electronic component manufacturer, particularly in the semiconductor temperature sensor market where Shibaura holds the largest global market share [2][6]. - The acquisition is expected to create synergies, allowing Yageo to assist Shibaura in expanding its business beyond Japan into European and American markets [6]. - Yageo's revenue was approximately 4 billion USD last year, with a goal to reach 10 billion USD in the next decade, emphasizing a strategy of providing "one-stop supply" services for passive components [6]. Group 3: Market Context - The demand for passive components is rapidly increasing, driven by the growth of AI and electric vehicles, with significant applications in industrial and automotive sectors [6]. - Yageo's products are currently utilized in approximately 60% for industrial and automotive applications, and 16% for AI server and high-performance computing applications [6].

国巨认为，正如芝浦电子于其公告中所述，双方在过去数月间所进行的深入交流与建设性互动，是促成 本次立场转变的关键因素，国巨欣见芝浦电子充分认同双方可共同实现的综效，并深信此合作将为芝浦 电子及其员工开创更具前景的未来。 根据日本法规， 有重大决定及条件的改变， 国巨的公开收购必须延长十天至2025年10月3日截止，以确 保股东有充足时间审慎因应此正面发展并完成投标程序。 被动元件大厂国巨已于2025年5月9日正式对芝浦电子发动公开收购，芝浦电子16日公告，正式表达对国 巨公开收购提案的支持，并建议股东参与本次投票。 芝浦电子为全球知名的负温度系数（NTC，negative temperature coefficient）热敏电阻制造商，具备坚强 的技术实力。 国巨谨向芝浦电子的经营团队、董事会及特别委员会致上最诚挚的感谢，感谢其于2025年9月16日正式 表达对国巨公开收购提案的支持，并建议股东参与本次投票。 ...

Group 1 - Company Yageo (国巨) has completed discussions regarding the conditions for a public acquisition of Shibaura Electronics (芝浦电子) with the Japanese Ministry of Economy, Trade and Industry [1] - Shibaura Electronics is a globally recognized manufacturer of negative temperature coefficient (NTC) thermistors, possessing strong technical capabilities [1] - Yageo has extended the public acquisition period until September 10 this year, in accordance with Japanese regulations [1] Group 2 - The latest acquisition price offered by Yageo has been raised to 7,130 Japanese yen per share [1] - Yageo anticipates that Shibaura Electronics will benefit from its existing global sales channels, allowing for market expansion and deeper customer relationships [1] - The approval for the public acquisition is expected to be obtained by September 10 at the latest, according to assessments from Japanese legal advisors [1]

Core Viewpoint - The competition for acquiring Shibaura Electronics between passive component manufacturers Yageo and Minebea Mitsumi has intensified, with both companies raising their offer prices significantly. Group 1: Acquisition Details - Minebea Mitsumi raised its offer for Shibaura Electronics to 6,200 JPY per share, matching Yageo's previous bid [1] - Yageo subsequently increased its offer to 6,635 JPY per share, marking a 7% increase from the previous bid [1] - Yageo has extended the public acquisition period until September 4, marking the eighth extension of this period [1] Group 2: Strategic Collaboration - Yageo believes that the collaboration will enhance Shibaura Electronics' corporate value by leveraging Yageo's global sales channels and customer relationships [2] - The partnership is expected to expand Shibaura Electronics' product application areas, particularly in future AI applications [3] - Yageo plans to provide financial and R&D resources to support Shibaura Electronics' capacity expansion and future product development, along with advanced automation technology to improve manufacturing efficiency [3] Group 3: Market Context - Shibaura Electronics' stock closed at 6,480 JPY on August 21, reflecting a slight increase of 0.62% [1] - Shibaura Electronics specializes in manufacturing negative temperature coefficient (NTC) thermistors and various sensors for temperature, humidity, and wind speed [3]