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Toyota Industries Closes Tender Offer for Cascade Share

(Credit: Reuters) For three years, Akio Toyoda has had to steer Toyota Motor Corp from a safety recall that took up to 10 million cars off the road.Toyota Motor Steered from Safety Recall
March 28
10:49 AM 2013
by Edward B. Doong

Japan's Toyota Industries Corp. has completed its tender offer for shares in Cascade Corp., said the company, stepping closer to its full buyout plan.

Toyota, a sister firm of carmaker Toyota Motor Corp., reached agreement to acquire Cascade for $65 per share. Once the tender offer of Toyota reached expiration, it had purchased about 10.3 million of the outstanding shares of Cascade, acquiring 92 percent of the shares.

Both companies were informed by the regulators that the anti-trust investigation is already closed as the anti-trust waiting period expired.

Toyota Industries, which makes lift trucks and auto parts, said in a statement that will make prompt payment for the Cascade shares tendered in the offer.

Cascade will still make Fairview, Oregon as its headquarter but will run as a subsidiary of Toyota Industries.

 

 

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