Yageo Lifts Shibaura Bid to 5,400 Yen; Seven & i Counters $47.5 Billion Couche-Tard Offer With Board Overhaul

The takeover battle for Shibaura Electronics has intensified as Taiwan's Yageo Corporation announced an increase in its tender offer price from 4,300 yen to 5,400 yen per share, with the revised offer set to begin on May 7. This move surpasses the competing bid from Japan's MinebeaMitsumi, which stands at 4,500 yen per share. Shibaura Electronics' closing price on April 17 was 4,770 yen.

MinebeaMitsumi, acting as a 'white knight,' has positioned its bid as a measure to prevent the outflow of advanced sensor technology to foreign entities. CEO Yoshihisa Kainuma described the counteroffer as a responsibility for Japanese companies and expressed concerns about technology leakage to Taiwan. Shibaura Electronics' board has previously supported MinebeaMitsumi's offer and recommended shareholders accept it.

Separately, Seven & i Holdings, the parent company of 7-Eleven Japan, announced executive changes and a board refresh in response to a $47.5 billion takeover proposal from Alimentation Couche-Tard. Tomohiro Akutsu, an executive officer with nearly 30 years of franchisee support experience, will be promoted to president of 7-Eleven Japan, while current president Fumihiko Nagamatsu will become chairman without representative rights. Junro Ito, vice president and founding family member, will become chairman of Seven & i Holdings.

These changes, including four new director nominees, are pending shareholder approval at the meeting scheduled for May 27. The company aims to reinforce its domestic business and strengthen relationships with franchisees.