Toyota Motor Chairman Akio Toyoda is likely to face scrutiny over a $33 billion take-private deal of a key supplier when shareholders assemble for the Japanese automaker's annual general meeting on Thursday.
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Toyota Industries shares dropped 11.9% on Wednesday after Toyota Motor's ¥4.7 trillion bid to take the company private came in well below investor expectations. The ¥16,300 per share offer was a steep discount to Tuesday's closing price of ¥18,400, sparking criticism from analysts who said the deal undervalues the firm's assets, including significant real estate holdings.
Toyota Industries slumped as much as 13% Wednesday, after Toyota Group's reported 4.7 trillion yen ($33 billion) deal to take the company private. That includes a tender offer of $26 billion for shares of Toyota Industries at 16,300 yen apiece, according to Reuters, sharply lower than 18,400 yen on Tuesday before the deal was announced.
Shares of Japanese forklift operator Toyota Industries fell more than 12% on Wednesday, after a $33 billion take-private offer its parent, Toyota Motor , fell short of investor expectations.
Toyota Industries' shares have risen sharply since late April, when the company said it had received various proposals, including one to take the business private.
Toyota Industries Corp. has received a $33 billion proposal to go private, a move that could increase the influence of the Toyoda family within Japan's largest corporate group.
Toyota Industries is expected to accept the $42 billion takeover bid by Toyota Motor and other group companies as early as Tuesday, the Nikkei newspaper reported on Monday.
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Toyota said on Thursday its worldwide output and sales rose for a fourth consecutive month in April on strong demand for hybrid vehicles and rush buying in the United States over U.S. President Donald Trump's import tariffs.
Joby Aviation Inc (NYSE:JOBY) shares surged almost 30% after it closed a $250 million investment from Toyota Motor Corporation. The investment, the first tranche of a previously announced $500 million strategic investment, will support the certification and commercial production of Joby's electric air taxi.