Toyota successfully completed its tender offer to buy Toyota Industries, a forklift manufacturer, for $129.89 per share. The deal valued Toyota Industries at approximately $30 billion, making it the largest acquisition between Japanese companies since 1985. Over 191 million shares were tendered, giving Toyota 63.60% ownership. Toyota raised its offer twice, first from 18,800 yen to 20,600 yen, after activist investor Elliott accepted the improved bid.
The acquisition represents a significant milestone in Japan’s corporate governance reforms and signals a shift in stakeholder dynamics within the automotive industry.
Tokyo-based Toyota Industries Corporation has officially become a wholly owned subsidiary of Toyota Group, following the acceptance of over 191 million shares, equivalent to 63.60% ownership. The deal concludes a months-long negotiation with Elliott Investment Management, a prominent activist fund.