By Phoebe Sedgman and Nicholas Takahashi | Updated on Oct 07, 2026 at 12:22 PM
Oasis Management Co. urged Nidec Corp. to evaluate privatization options as the embattled Japanese manufacturer grapples with an accounting scandal that has put it at risk of delisting.
The activist investor called on Nidec’s board, particularly its independent directors, to hire financial advisers and solicit preliminary, non-binding proposals from strategic buyers and private equity firms, according to a statement on Wednesday. Oasis added it is seeking a review of a potential take-private deal, rather than a decision to pursue one.
Oasis owns 8% of the manufacturer, and has previously pushed for stronger governance and measures to unlock value. A spokesperson for Nidec declined to comment.
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Oasis said it has been pressing Nidec since December 2025 to consider privatization, arguing shareholders risk losses if the company were delisted before realizing its full value. The investor added Nidec cannot guarantee an unqualified audit opinion through its own efforts.
Even if the firm remains publicly traded, a review could provide an independent valuation metric as the company develops its medium-term management plan, Oasis said.
The world’s largest maker of electric motors has been mired in turmoil after a series of probes uncovered widespread fraud in its accounting and quality control at subsidiaries in Italy, Switzerland and China, as well as its car inverter business.
The latest blow came last week when Nidec’s auditor PwC Japan refused to sign off on its financial statements. The company also reported a net loss of ¥564.6 billion ($3.6 billion) due to writedowns in the year ended March 31.
The fallout has seen the departure of the company’s founder and Chairman Shigenobu Nagamori, and more recently, Chief Executive Officer Mitsuya Kishida. Newly appointed CEO Michio Kaida now faces the task of stabilizing the firm and averting a potential Tokyo Stock Exchange delisting.
Nidec is also considering punishing staff involved in misconduct in late October, Kyodo News reported Tuesday.
The irregularities, which first surfaced in June last year, included inflated raw material and inventory values, misstated customs declarations, government grants presented as revenue in financial statements and labor costs counted as fixed assets to defer expenses. As financial pressure mounted, units attempted to cover losses by reporting higher revenue but in turn that led to even greater strain.
This story was produced with the assistance of Bloomberg automation