Toyota Industries Seeks Understanding of Tender Offer

Takahama, Aichi Pref., June 10 (Jiji Press)--Toyota Industries Corp. on Tuesday asked for shareholders' understanding of plans to go private through a tender offer by the Toyota Motor Corp. group.

At a general meeting of shareholders in Takahama, Aichi Prefecture, central Japan, Toyota Industries President Koichi Ito defended the plans, saying that "the purchase price fully reflects our corporate value."

He also said that all related procedures will be completed "around summer 2026."

Some shareholders criticized the tender offer, saying that the proposed price does not match what the market expects and that the company has not paid enough attention to the interest of minority shareholders.

The tender offer will be launched as early as mid-December by a holding company to be set up by Toyota Fudosan Co., a Toyota group real estate company. The purchase price is 16,300 yen per share.

[Copyright The Jiji Press, Ltd.]