Toyota Raises Tender Offer Price for Toyota Industries

Nagoya, March 2 (Jiji Press)--Toyota Motor Corp. and others said Monday that they will raise their tender offer price for Toyota Industries Corp., the original company of the Toyota group, to 20,600 yen per share from 18,800 yen.

The total acquisition cost will increase by 500 billion yen to some 5.9 trillion yen.

U.S. fund Elliott Investment Management LP said it welcomes the higher tender offer price and has agreed to sell its roughly 7 pct stake in Toyota Industries.

"We believe many shareholders will tender their shares," Kenta Kon, director of Toyota Fudosan Co., told an online press conference.

The aim of the offer is to take Toyota Industries private and restructure capital ties within the Toyota group.

[Copyright The Jiji Press, Ltd.]