Toyota group firm extends Toyota Industries tender offer to boost buyout’s chances
- Shares of Toyota Industries rose after the disclosure, briefly rising as high as 20,000 yen, up from around 19,400 yen before
TOKYO: A group company of Toyota Motor said on Thursday that the tender offer period for its buyout of forklift maker Toyota Industries will be extended until March 2 to increase the chances of the bid succeeding.
The deadline was extended from February 12 to give shareholders a fresh opportunity to decide whether to tender, Toyota Asset Preparatory, which is the entity through which the bid is being made, said in a filing.
Shares of Toyota Industries rose after the disclosure, briefly rising as high as 20,000 yen, up from around 19,400 yen before.
The stock was last up 1.0% at 19,865 yen.
The planned buyout of Toyota Industries, which holds 9% of Toyota Motor and has stakes in a number of other group firms, would strengthen the Toyoda founding family’s grip on the automotive conglomerate.
However, the deal has run into staunch and high-profile opposition from US activist investor Elliott Investment Management and others, becoming a test case of governance for Japan’s most storied company and for Japan Inc more broadly.
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