Nagoya, Jan. 14 (Jiji Press)–Toyota Motor Corp. said Wednesday that it will increase its tender offer price for Toyota Industries Corp., the Toyota group’s original company, to 18,800 yen per share from 16,300 yen. The move comes as Toyota Industries’ stock price has risen since Toyota announced its tender offer last June. As a result, the total cost of the acquisition will increase to 5.4 trillion yen from 4.7 trillion yen. Toyota also said that the tender offer will begin on Thursday and end on Feb. 12. It had initially said it would launch the offer in February or later. Toyota, its chairman Akio Toyoda, and Toyota Fudosan Co. will jointly buy Toyota Industries shares, with the intention of taking Toyota Industries private. “We correctly reflected the change in Toyota Industries’ intrinsic value,” Toyota Real Estate director Kenta Kon said in an online press conference Wednesday. END [Copyright The Jiji Press, Ltd.]
Toyota Raises Tender Offer Price for Toyota Industries
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