Shares of forklift maker Toyota Industries surged to a record high on Thursday after a sweetened bid from Toyota Motor, trading above the new offer on hopes that a better price might be forthcoming.
The initial deal to take Toyota Industries private had been criticised by global investors for what they called an opaque valuation.
Toyota Motor on Wednesday lifted its offer by 15% to 18,800 yen per share. Toyota Industries shares were last trading at 19,110, up 6% on the day and 1.8% above the new tender price.
The tender opened Thursday and runs until February 12. ($1 = 158.5600 yen)