Toyota has raised its offer to privatise its largest subsidiary, bowing to pressure from activist investors who had pushed for a higher price on a $38bn deal that will reshape Japan’s biggest business empire.
Elliott Management, one of the world’s most prominent activist investors, had waged a months-long battle against the carmaker and its attempt to take Toyota Industries private, accusing the company of underpaying and convincing shareholders not to tender.
On Monday, as the tender deadline approached, Toyota said in a regulatory filing it was willing to increase the amount it would pay by 9.6 per cent, valuing the subsidiary at ¥5.9tn ($37.8bn).
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