A group led by Toyota Motor Corporation has completed its tender offer for Toyota Industries Corporation, which will be delisted. The total acquisition value is approximately ¥5.9 trillion, making it the largest M&A transaction between Japanese companies on record.
Toyota Motor Corporation and others have completed their tender offer for Toyota Industries Corporation, paving the way for Toyota Industries' delisting. The total acquisition value reached approximately ¥5.9 trillion, with loans from financial institutions also used to finance the transaction.
The tender offer price was ¥20,600 per share, and tenders represented 63.6% of voting rights, exceeding the minimum number of shares sought. Following the compulsory acquisition of the remaining shares, Toyota Industries is expected to delist from the Tokyo Stock Exchange's Prime Market and the Nagoya Stock Exchange's Premier Market around June.
Toyota Industries said it had won the support of many shareholders for the transaction, which it described as intended to enhance corporate value and contribute to society. Elliott Investment Management, the US investment fund, initially objected on the grounds that the tender offer price undervalued the company, but after two price increases, announced that it would tender at the current price.