---
title: "Toyota Group → Toyota Industries"
url: "https://mahouse.world/ma-deals/toyota-group-buy-toyota-industries-2025"
type: "M&A deal"
year: "2025"
---

# Toyota Group → Toyota Industries

The Toyota group took private Toyota Industries, the loom maker from which Toyota Motor was spun off, to unwind decades of cross-shareholdings, and had to raise its price twice, from ¥16,300 to ¥20,600 a share, before enough minority holders, Elliott among them, would sell.

A ¥4.7tn buyout of the forklift and parts maker, raised under pressure from Elliott before the June 2026 delisting.

- **Acquirer:** Toyota Group (Japan)
- **Target:** Toyota Industries (Japan)
- **Value:** $33B
- **Announced:** June 2025
- **Completed:** June 2026
- **Sector:** Industrials
- **Deal type:** take-private

## Why it mattered

Toyota Industries spun off its car department as Toyota Motor in 1937 and became the world's largest forklift maker by revenue. It held 9.15% of Toyota Motor, which in turn held about a quarter of it — the kind of circular holding the group had been reviewing since its 2023 financial year.

On 3 June 2025 Toyota Fudosan, the group's property company, announced a tender offer through a new vehicle, backed by ¥180bn of its own money, ¥1bn from Akio Toyoda, ¥700bn of non-voting preferred shares from Toyota Motor and loans from MUFG, Sumitomo Mitsui and Mizuho. Toyota Motor, Denso, Aisin and Toyota Tsusho would sell their stakes and buy back their own shares from Toyota Industries. The ¥16,300 price was 23% above the share price before the deal leaked in April, but 10.7% below the ¥18,260 close on the eve of the announcement, so Toyota Industries' board backed the deal while staying neutral on whether shareholders should sell.

The tender opened on 15 January 2026, after competition, foreign-subsidy and investment clearances, at ¥18,800. The shares kept trading above it; on 2 February the buyer said it had no intention of changing its price. By 5 February Elliott reported holding 7.7%. On 28 February Toyota Fudosan changed its mind, offering ¥20,600 as its "best and final" price to secure broader support; on 1 March Elliott agreed to tender 6.7%. When the offer closed on 23 March, 191m of the 226m shares sought had been tendered.

## What it left behind

Shareholders approved the squeeze-out on 12 May 2026, and the shares were delisted on 1 June, after 77 years on the market. At the final price the offer valued the shares outside Toyota Motor's stake at about ¥4.7tn. The unwinding followed: Toyota Industries agreed to sell its 1.19bn Toyota Motor shares back to Toyota Motor for ¥3.66tn, and to tender its Denso, Toyota Tsusho and Aisin stakes into those companies' buy-backs. Now private, it agreed in May 2026 to buy 80% of IHI Logistics & Machinery, and in August resumed shipments of some gasoline forklifts in Japan, halted since March 2023 over emissions-certification violations. In a take-private by a controlling group, the minimum-acceptance condition is the minority's leverage: a price that began below the market ended 26% higher.

Source: https://www.toyota-industries.com/news/item/20260306_document_e02.pdf