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  "documentTitle": "Toyota Industries Corporation (6201)",
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  "authorName": "Aaron Tai and Gordon Singer",
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  "presentationDate": "2026-01-18 00:00:00",
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  "notes": "The slide uses direct quotes from the Special Committee to highlight the inadequacy of the offer price.",
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      "text": "In this context, the Revised TOB is wholly inadequate.",
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      "text": "An increase in the market valuation of Toyota Industries’ core operating businesses. KION Group AG (“Kion”) is the most relevant peer company, given its number-two position in the global materials handling market. Kion’s share price increased by more than 50% between the Original TOB and the Revised TOB; and",
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      "text": "On January 9, 2026, in response to a proposed offer price of ¥18,600, it was deemed that the price “still significantly deviates from the price level envisioned by the Company’s board of directors and the Special Committee, and must be largely increased also from the perspective of securing minority shareholders...in light of the fact that there is an increasing trend in the share prices of TMC and the Three Toyota Group Companies owned by the Company, the Tender Offer Price must be proposed factoring in the risk of price fluctuations up to the scheduled announcement date of commencement of the Tender Offer...”",
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      "text": "Cash generation by Toyota Industries, as well as other changes in assets and liabilities at the Company during this time period as customary in a NAV analysis, net of the settlement of the emissions-related class action lawsuit in the U.S.",
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      "text": "An increase in the value of Toyota Industries’ stakes in publicly traded companies. These stakes have increased in value by more than 40%, or ¥5,720 per share before tax. Net of tax, the value of these stakes has increased by ¥4,805 per share since the Original TOB was pre-announced;",
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      "text": "The Special Committee urged Toyota Fudosan to “substantially increase” the proposed offer price accordingly, acknowledging both the inadequacy of ¥18,600 and the rising value of the Company’s stakes in publicly traded companies.",
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      "text": "NAV: ¥2,500",
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      "text": "In this context, the Revised TOB is wholly inadequate. The significant undervaluation evident at the time of the Original TOB pre-announcement on June 3, 2025 has not been addressed, nor will minority shareholders participate in the indisputable increase in the value of Toyota Industries’ stakes in publicly traded companies or in the market value of the Company’s operating businesses since the Original TOB.",
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      "kind": "paragraph",
      "text": "Original TOB, while the Revised TOB represents an increase of only ¥2,500 per share (see Appendix 3).",
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      "text": "On January 9, 2026, in response to a proposed offer price of ¥18,600, it was deemed that the price “still significantly deviates from the price level envisioned by the Company’s board of directors and the Special Committee, and must be largely increased also from the perspective of securing minority shareholders...in light of the fact that there is an increasing trend in the share prices of TMC and the Three Toyota Group Companies owned by the Company, the Tender Offer Price must be proposed factoring in the risk of price fluctuations up to the scheduled announcement date of commencement of the Tender Offer...” — Appendix 7 (The Process of Negotiations Before the Report) to the Toyota Industries Special Committee report dated January 14, 2026.",
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      "text": "5 At a tax rate reflecting the benefits to Toyota Industries from its larger cross-shareholdings from the deemed dividend tax treatment under the issuer buyback unwind structure the Company plans to utilize. 6 Appendix 7 (The Process of Negotiations Before the Report) to the Toyota Industries Special Committee report dated January 14, 2026.",
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