Hong Kong-based Oasis Management, a shareholder in both Toyota Motor and Toyota Industries, will push for the Japanese automaker to make a higher offer to take Toyota Industries private, its chief investment officer Seth Fisher said on Friday.
Toyota Motor announced its plan for the $33 billion take-private offer on Wednesday, sending Toyota Industries’ shares down 12% the following day as market participants regarded the deal as undervaluing the subsidiary.
The complex 4.7 trillion yen ($33 billion) transaction includes an offer price of 16,300 yen per share for Toyota Industries. While that represents a 23% premium to the price before word of a deal broke in April, it is well below Toyota Industries’ share price of 18,400 yen before the offer was formally announced.
Shares in Toyota Industries closed up 0.86% at 16,400 yen on Friday.
Reuters
