Toyota Industries said Tuesday it has received a $33 billion offer to take the company private, in a move that could lead to the founding family strengthening its grip over Japan¡¯s biggest business empire.
The deal will involve a tender offer for the shares of the supplier of textile looms, forklifts and parts for Toyota Motor¡¯s cars for ?16,300 a share, which is 11% below Toyota Industries¡¯ closing price on Tuesday. The total amount required for the acquisition by the Toyota Group is around ?4.7 trillion ($32.9 billion), a company spokesperson said.
A new holding company will be established to privatize Toyota Industries, the company said in a statement. Investment in the holding company will include ?180 billion from Toyoda Fudosan, ?700 billion from Toyota Motor in the form of nonvoting preferred shares and a personal investment of ?1 billion from Toyota Motor Chairman Akio Toyoda.
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