Toyota Motor announced Wednesday it increased its tender offer price for affiliate Toyota Industries. The new offer stands at 18,800 yen ($118.11) per share, a 15% increase. This action advances Toyota’s previously announced plan to take the major supplier and forklift maker private.
The revised offer follows investor criticism that the initial bid undervalued the company. U.S. activist firm Elliott Investment Management was among the critics.
The move aligns with Japan’s push for improved corporate governance, which encourages companies to unwind strategic cross-shareholdings. The tender offer is scheduled to run from January 15 to February 12.