Toyota's tender offer to take Toyota Industries private at 20,600 yen per share closed Monday. Results expected Tuesday. Toyota increased its offer from 18,800 yen, valued at $30 billion, after rejecting earlier bids from activist fund Elliott. Final offer represents a 26% premium over the initial 16,300 yen. Elliott agreed to tender after the price increase.
Deal scrutinizes Japan's corporate governance reforms and cross-shareholdings among major business groups. For success, 42.01% of minority shareholders must accept the offer.