Toyota Industries' shares hit record as market hopes for higher buyout offer
Reuters01-15
Toyota Industries' shares hit record as market hopes for higher buyout offerTOKYO, Jan 15 (Reuters) - Shares of forklift maker Toyota Industries 6201.T surged to a record high on Thursday after a sweetened bid from Toyota Motor 7203.T, trading above the new offer on hopes that a better price might be forthcoming.
The initial deal to take Toyota Industries private had been criticised by global investors for what they called an opaque valuation.
Toyota Motor on Wednesday lifted its offer by 15% to 18,800 yen per share. Toyota Industries shares were last trading at 19,110, up 6% on the day and 1.8% above the new tender price.
The tender opened Thursday and runs until February 12.
($1 = 158.5600 yen)
(Reporting by Daniel Leussink; Editing by Edwina Gibbs)
((daniel.leussink@thomsonreuters.com; Twitter: @danielleussink;))
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