Toyota Tender Offer for Toyota Industries Succeeds, Filing Shows

Reuters

16:23 JST, March 24, 2026

TOKYO, March 24 (Reuters) – The Toyota group’s tender offer to take supplier Toyota Industries private at a price of 20,600 yen ($129.89) per share was successful, the forklift maker said in a filing on Tuesday.

Over 191 million shares in Toyota Industries had been tendered during the tender period that closed on Monday, exceeding the minimum number of just over 126 million shares that needed to be purchased, the filing said.

Near the beginning of this month, Toyota raised its offer price for the company from 18,800 yen per share, valuing the deal at about $30 billion and bringing to an end a months-long standoff with activist fund Elliott Investment Management.

Toyota initially made a 16,300 yen-per-share offer last year before increasing its bid twice, with the final offer price representing a 26% premium to its original proposal.

Elliott, which had rejected earlier offers as too low, agreed to tender its shares after the automaker lifted its bid to 20,600 yen, calling the price an “improved outcome” for minority shareholders.

The deal has been followed closely as a test of corporate governance reforms in Japan.

($1 = 158.6000 yen)