Nidec is withdrawing a ¥257 billion ($1.8 billion) unsolicited tender offer for machine tool maker Makino Milling Machine, bowing to strong resistance from its target.

Makino had previously threatened to block the takeover by granting stock acquisition rights to existing shareholders. Such a move would deprive the deal of economic sense and could hurt Nidec, the Kyoto-based company said in a statement Thursday. Makino’s stock dived as much as 21% Friday, the biggest intraday fall on record.

The acquisitive maker of precision motors had sought an injunction against Makino Milling, but that was denied by the Tokyo District Court. It was offering ¥11,000 for each Makino share. The tender began despite Makino’s requests for a delay to allow it to weigh offers from other suitors.

The offer was seen as a measure of deal-making acumen at Nidec after founder Shigenobu Nagamori, widely regarded as a takeover expert, stepped down as chief executive officer last year.

"This may be an inflection point in Nidec’s growth strategy via acquisitions,” said Kazuyoshi Saito, senior analyst at Iwai Cosmo Securities. Whether more companies will emulate Makino by taking similar measures to fend off acquisitions will depend on the circumstances in each case, he said.