TOKYO, March 2 (Reuters) – Toyota plans to raise its tender offer price for group firm Toyota Industries, or TICO, to 20,600 yen ($132) per share under certain conditions and extend the deadline again for the offer to March 16, a filing showed on Monday.
The Japanese automaker had previously offered 18,800 yen per share for the forklift maker. The tender offer had been set to close on Monday.
The proposed bump in the share price – which is dependent on Toyota obtaining loan guarantees from its banks – is the latest twist in the months-long stand-off between the world’s largest automaker and activist invest Elliott Investment Management.
Toyota said in the filing that Elliott – which has pushed the carmaker to raise its price for the company – had agreed to tender its shares in Toyota Industries under certain conditions.
($1 = 156.5900 yen)
(Reporting by Daniel Leussink and David Dolan; Editing by Himani Sarkar and Tom Hogue)
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