Toyota Motor Corporation, through its subsidiary Toyota Asset Preparatory, has extended the deadline for its tender offer to acquire Toyota Industries to March 2, 2026. The extension gives shareholders additional time to decide and allows regulators to complete their review of the transaction.
The offer price for Toyota Industries shares was initially set at ¥16,300 per share in June 2025 and was increased to ¥18,800 per share in February 2026. The total value of the privatization bid is about ¥5.4 trillion, with ¥4.3 trillion allocated to the Toyota Industries buyout.
As of February 11, 2026, roughly 33.1 % of Toyota Industries shares—about 99.4 million—had been tendered. The Toyota Group requires a two‑thirds majority to complete the deal, and activist investor Elliott Investment Management has publicly opposed the offer, arguing that the price undervalues the company.
The buyout is part of a broader effort by the Toyota Group to simplify cross‑shareholdings, strengthen the founding Toyoda family’s influence, and align with Japan’s corporate‑governance reforms aimed at unwinding complex ownership structures.
Investors have reacted positively to the extension, interpreting it as a sign that the Toyota Group is working to secure broader shareholder support and potentially negotiate a higher offer. However, some investors remain cautious, citing concerns about the current valuation and the strength of opposition from Elliott Investment Management.
Regulatory review is ongoing, with the Japanese Ministry of Economy, Trade and Industry and the Japan Fair Trade Commission examining the transaction. No final approval has been granted as of the latest update.
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