“让狐狸进入鸡舍”，丰田汽车因低价收购遭猛批

Core Viewpoint - Toyota's low privatization offer for Toyota Industries has faced significant backlash from shareholders, who argue that the bid undervalues their rights and the company's worth [1][3]. Group 1: Privatization Offer Details - Toyota's privatization bid for Toyota Industries is set at 4.7 trillion yen (approximately 235.1 billion yuan), which is criticized as being too low compared to the previously reported 6 trillion yen (approximately 302.2 billion yuan) offer [1][3]. - The offer price of 16,300 yen per share represents an 11% discount from Toyota Industries' closing price on the announcement day, although it is a 23% premium compared to the price before the privatization news [3][6]. - Following the announcement, Toyota Industries' stock price dropped by 12% on June 4 [3]. Group 2: Shareholder Reactions - Shareholders have expressed concerns regarding the fairness of the offer price and have requested more details on how the valuation was determined [3][4]. - Analysts suggest that a more appropriate offer would be in the range of 23,000 to 24,000 yen per share to reflect the full value of Toyota Industries, including its undervalued real estate assets [3][6]. Group 3: Corporate Governance and Historical Context - Toyota Industries was founded in 1926 and has maintained a close relationship with Toyota Motor Corporation through cross-shareholding and business collaborations [5][6]. - As of September 2024, Toyota Motor holds approximately 24% of Toyota Industries' shares, while Toyota Industries holds about 9% of Toyota Motor's shares [5]. - The recent push for corporate governance reform in Japan, including the issue of cross-shareholding, has led to Toyota Motor selling over 320 billion yen worth of cross-held shares, the highest among listed companies [6]. Group 4: Implications of the Offer - The low offer price has raised alarms among investors, who warn that it may hinder Japan's decade-long corporate governance reform efforts due to perceived unfair pricing and lack of transparency [6].