Toyota Industries sinks after parent’s takeover bid misses expectations

TOKYO: Shares of Japanese forklift operator Toyota Industries fell more than 12% on Wednesday, after a $33 billion take-private offer its parent, Toyota Motor, fell short of investor expectations.

Toyota Motor will take Toyota Industries private in a complex 4.7 trillion yen ($33 billion) deal, offering 16,300 yen a share for Toyota Industries.

The offer price was well below the closing price of 18,400 yen on Tuesday, before the deal was announced.

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Shares of Toyota Industries were down 12.3% in morning trade in Tokyo at 16,135 yen.

Media reports had indicated the tender offer would be around $42 billion, which would represent a substantial premium to the actual offer.