Toyota Raises Tender Offer Price for Toyota Industries
Toyota Motor Corp. and others said Monday (March 2 ) that they will raise their tender offer price for Toyota Industries Corp., the original company of the Toyota group, to 20,600 yen per share from 18,800 yen.
The total acquisition cost will increase by 500 billion yen to some 5.9 trillion yen.
US fund Elliott Investment Management LP said it welcomes the higher tender offer price and has agreed to sell its roughly 7 per cent stake in Toyota Industries.
"We believe many shareholders will tender their shares," Kenta Kon, director of Toyota Fudosan Co., told an online press conference.
The offer aims to take Toyota Industries private and restructure capital ties within the Toyota group.
It was launched by a holding company backed by Toyota, its chairman, Akio Toyoda and Toyota Fudosan Co.
The offer price was initially set at 16,300 yen per share. It was raised to 18,800 yen in January.
[Copyright The Jiji Press, Ltd.]
