Toyota tender offer for Toyota Industries closes, results due Tuesday
FILE PHOTO: A man walks past the Toyota logo during a launch event in Mumbai, India, January 20, 2026. REUTERS/Francis Mascarenhas/File Photo
TOKYO, March 23 : Toyota's tender offer to take supplier Toyota Industries private at a price of 20,600 yen per share was set to close on Monday, with the results expected at or after 3:30 p.m. (0630 GMT) on Tuesday.
Earlier this month, Toyota bumped its offer price for the forklift maker from 18,800 yen per share, valuing the deal at about $30 billion and ending a months-long standoff with activist fund Elliott Investment Management.
The offer period was set to expire at 3:30 p.m. Tokyo time on Monday.
Toyota originally offered 16,300 yen per share last year before lifting the bid twice, with the final offer price representing a 26 per cent premium to its initial proposal.
Elliott, which had rejected earlier offers as too low, agreed to tender its shares after Toyota raised its bid to 20,600 yen, calling the price an "improved outcome" for minority shareholders.
The deal has been closely watched as a test of Japan's corporate governance reforms and scrutiny of cross-shareholdings within major business groups.
For the bid to be successful, 42.01 per cent of shareholders classified as minority owners need to accept the offer. That excludes Toyota Motor's 24.66 per cent stake.
