Toyota Industries held what could be its last annual meeting as a public company, after the Toyota group unveiled plans to privatize the maker of forklifts, textile looms and auto parts.
While the ¥4.7 trillion ($32.4 billion) buyout bid by an entity led by Toyota Motor Chairman Akio Toyoda wasn’t formally on the agenda Tuesday, it overshadowed the gathering near Nagoya, Japan, as shareholders aired their grievances and sought clarity about the proposal.
The Toyota group’s plan to privatize Toyota Industries, the original company that birthed the world’s largest carmaker, has drawn sharp criticism from investors and analysts since it was announced a week ago. They argue that the planned tender offer of ¥16,300 per share is too much of a discount on the shares and doesn’t represent the intrinsic value of the business.
