Back

ACGA Blog: Toyota Industries: Governance concerns persist in revised takeover

Integral to Japan’s ongoing corporate-governance reforms is for listed companies to unwind cross-shareholdings, with the Tokyo Stock Exchange (TSE) emphasising that the quality of listed companies matters more than their quantity. Against this backdrop, on 3 June 2025, Toyota Industries Corporation (TICO) unveiled a pre-conditional tender offer from Toyota Fudosan[1] at ¥16,300, a 23.3% premium to the unaffected share price (before speculative media reports emerged) but an 11.4% discount to the pre-announcement last close. According to the company, this discount was justified by a media leak prior to the tender offer bid (ToB) launch,  writes Anuja Agarwal, Research Head, Japan and India. Read more here.