Toyota Asset Preparatory said it will raise the tender offer price for shares of Toyota Industries (TYO:6201) to 20,600 yen from 18,800 yen as part of a plan to take the company private, according to a Monday filing on the Tokyo Stock Exchange.
The offer period was also extended, with about 90.9 million shares, or 30.25%, tendered as of March 6.
The price increase follows discussions with institutional investors and a tender agreement with Elliott Advisors (UK) Limited, which plans to tender about 20.04 million shares, representing a 6.7% stake.
The buyout is backed by loans from Sumitomo Mitsui Banking Corporation, MUFG Bank, and Mizuho Bank.
The transaction is part of a broader restructuring involving Toyota Motor (TYO:7203) and group companies aimed at taking Toyota Industries private.