Overview
- Toyota kept the bid at ¥18,800 per share after lifting it from ¥16,300 in January and said it will not raise the price further.
- Elliott, which holds roughly 7% of Toyota Industries, said only 33.1% of shares had been tendered before the original cutoff and urged investors to reject and withdraw.
- Prior sale commitments covering about 33% of shares leave the Toyota group just under 10% short of the two‑thirds ownership needed to privatize the company.
- Governance advocates criticized Toyota’s classification of Denso, Aisin and Toyota Tsusho as independent minority holders for the 42.01% acceptance test.
- Toyota Industries shares traded above the offer and hit a record around ¥20,355 after the extension, signaling skepticism about the bid’s valuation.