Overview
- Toyota lifted its offer to ¥18,800 per share from ¥16,300, a ¥2,500 increase of roughly 15%.
- The tender will run from Jan. 15 to Feb. 12, according to a regulatory filing by shareholder Denso.
- Toyota Industries' board backs the revised bid and recommends that shareholders tender their shares.
- Elliott Investment Management challenged the initial price and disclosed a 5% stake last month, increasing pressure for better terms.
- The buyer group comprises Toyota Motor, Toyota Fudosan and Chairman Akio Toyoda, and Toyota raised its funding commitment to up to ¥800 billion after an advisory review found the revised terms did not unfairly advantage any party.