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Stock impact report

Toyota Group Raises Buyout Offer 15% After Elliott Pressure [Yahoo! Finance Canada]

Toyota Motor Corporation (TM) 
US:NYSE Investor Relations: toyota-global.com/investors
15% that would bump up the acquisition target's value to ¥6.1 trillion ($39 billion), caving in to demands from Elliott Investment Management to sweeten what the activist shareholder had described as a lowball proposal. The Japanese giant increased its bid to ¥18,800 for each share of Toyota Industries Corp. it doesn't own, Toyota Motor Corp. said Wednesday. That compares with the initial offer of ¥16,300 a share in June last year. The tender offer will begin Thursday and run through Feb. 12, according to the statement. Most Read from Bloomberg The raised offer, which is 4.3% higher than the stock's latest close, represents a victory for shareholder activism in Japan, and bolsters the case for more campaigns to follow in the country. Though investors have increasingly found success pushing Japan Inc. for changes in recent years, no one had come close to taking on anyone the size of Toyota. “This doesn't necessarily mean the end of the debate over its valuation,” said Bloomberg Show less Read more
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