Toyota Industries sinks after parent's takeover bid misses expectations
TOKYO :Shares of Japanese forklift operator Toyota Industries fell more than 12 per cent on Wednesday, after a $33 billion take-private offer its parent, Toyota Motor, fell short of investor expectations.
Toyota Motor will take Toyota Industries private in a complex 4.7 trillion yen ($33 billion) deal, offering 16,300 yen a share for Toyota Industries. The offer price was well below the closing price of 18,400 yen on Tuesday, before the deal was announced.
Shares of Toyota Industries were down 12.3 per cent in morning trade in Tokyo at 16,135 yen.
Media reports had indicated the tender offer would be around $42 billion, which would represent a substantial premium to the actual offer.
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