Tender Offer Price for Toyota Industries Raised To 20,600 Yen

MT Newswires Live
Mar 09

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.

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