Toyota to take key supplier private in $26bn deal
An unlisted real estate company chaired by Toyota chair Akio Toyoda will offer ¥3.7-trillion (R463.19bn) to take Toyota Industries, a maker of forklifts and engines, batteries and converters, off the market.
While the deal was widely expected, the price may come as a shock. The real estate firm, Toyota Fudosan, is offering ¥16,300 (R2,037) a share — below the stock's latest closing price of ¥18,400 (R2,300).
Previous media reports indicated the deal would probably happen at about $42bn (R750.26bn), a 62% premium to the offer price.
Separately, Toyota said it plans to buy back its own shares from Toyota Industries.
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