Toyota Industries held what could be its last annual meeting as a public company, after the Toyota group unveiled plans to privatize the maker of forklifts, textile looms and auto parts.
While the ?4.7 trillion ($32.4 billion) buyout bid by an entity led by Toyota Motor Chairman Akio Toyoda wasn¡¯t formally on the agenda Tuesday, it overshadowed the gathering near Nagoya, Japan, as shareholders aired their grievances and sought clarity about the proposal.
The Toyota group¡¯s plan to privatize Toyota Industries, the original company that birthed the world¡¯s largest carmaker, has drawn sharp criticism from investors and analysts since it was announced a week ago. They argue that the planned tender offer of ?16,300 per share is too much of a discount on the shares and doesn¡¯t represent the intrinsic value of the business.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.