Toyota has increased its offer for Toyota Industries to 20,600 yen per share, valuing the deal at $30 billion.
The revised bid ends a months-long standoff with activist investor Elliott Investment Management, which agreed to tender its shares.
The new price represents a nearly 10% premium over Toyota’s previous 18,800 yen offer.
Elliott had earlier rejected lower bids, arguing the forklift maker, known as TICO, was significantly undervalued.
The agreement is seen as a major test of Japan’s efforts to strengthen corporate governance and protect minority shareholders.
As part of the transaction, Toyota Industries will unwind cross-shareholdings within the Toyota Group, a practice long criticized for shielding management.
Toyota maintains the buyout process was transparent, supported by outside directors and multiple fairness opinions.
The increased offer values the transaction at 4.7 trillion yen, marking a decisive step in Toyota’s broader restructuring strategy.
