Overview
- Toyota Industries said it supports the revised tender offer and recommends shareholders tender their shares.
- Toyota increased its planned financial contribution to as much as ¥800 billion from ¥706 billion following talks with Toyota Fudosan and input from an advisory committee.
- An advisory panel said the new terms do not unfairly benefit Chairman Akio Toyoda or Toyota Fudosan, and Toyota said Toyoda did not take part in the renegotiation.
- Elliott Investment Management disclosed roughly a 5% stake and pushed for improved terms after investors criticized the original offer’s valuation and minority protections.
- Debate over fair value continues, with some analysts arguing the offer still looks low, while Toyota Industries shares rose about 5.8% after the price increase.