Research Reports

Summary

Toyota Motor Corporation announced changes to the terms of its Tender Offer for Own Shares, maintaining the Tender Offer Price as 10% discount from the lower of recent closing or 1-month average (capped at 3,641 yen) and total purchase price up to 4,341,277,243,820 yen, in response to Toyota Fudosan's increase of its Toyota Industries tender offer price to 20,600 yen and extension to March 23, 2026.

Key takeaways

Tender Offer Price: 10% discount from lower of (i) closing price on business day before final board resolution or (ii) 1-month average, capped at 3,641 yen (closing price on Jan 13, 2026)
Total share repurchase price changed to up to 4,341,277,243,820 yen
Toyota Fudosan increased Toyota Industries tender offer price from 18,800 yen to 20,600 yen (final price), extending period to March 23, 2026
Toyota Industries Share Repurchase price changed from 15,491 yen to 16,972 yen per share
Board resolution on changes held January 14, 2026; initial written resolution June 3, 2025
Funds from own capital; post-repurchase on-hand liquidity expected at 3,771,627 million yen (0.9 months) as of Sep 30, 2025 base