TOKYO :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 per cent 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 per cent 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 per cent at 16,400 yen on Friday.
