Overview
- Toyota increased the per-share bid to ¥18,800 from ¥16,300, a 15% raise, as part of its plan to take Toyota Industries private.
- The automaker lifted its maximum financing commitment to up to ¥800 billion after discussions with Toyota Fudosan and input from its advisory panel.
- Toyota Industries said it supports the offer and recommended that shareholders tender their shares.
- An advisory committee concluded the revised terms do not unfairly benefit Chairman Akio Toyoda, noting renegotiations excluded him to ensure fairness.
- Elliott Investment Management built a stake and criticized the original price and transparency, while earlier timing slipped due to antitrust approval processes.