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      "text": "Only 42% of non-Toyota Group shareholders need to tender for the TOB to succeed. This falls materially short of a true majority-of-minority standard",
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      "text": "Source: Company Materials. Note: (1) TICO's independent officer notification filed with the Tokyo Stock Exchange and TICO's corporate governance report; (2) Unusual condition was agreed whereby any counter-offer would have had to be at least 5% above the Original TOB price.",
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      "text": "Original TOB Suffered From Very Significant Process Failures....",
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