Toyota Industries Board to Discuss $42 Billion Buyout Proposal
Toyota Industries Corp. said its board will evaluate a buyout proposal that will take the company private, a move that will strengthen the founding family's grip over Japan's biggest business empire.
A group led by Toyota Motor Corp. Chairman Akio Toyoda is seeking to acquire the subsidiary for ¥6 trillion ($42 billion), people familiar with the matter said last month. Toyota Industries issued a statement on Tuesday in response to reports that the deal will be announced, saying that no specific decisions have been made public.
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