Toyota Industries Buyout Hinges on Squeezing Minority Investors

Widespread criticism of the Toyota group’s ¥4.7 trillion ($33 billion) plan to privatize Toyota Industries Corp. at a large discount to the company’s current share price is fueling doubts over whether the takeover bid can garner enough support to succeed.

The tender offer by the holding company established to privatize Toyota Industries represents an 11.4% discount to Toyota Industries’ closing price before the plan was announced.