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  "documentTitle": "Toyota Industries Corporation (6201)",
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  "authorName": "Aaron Tai & Gordon Singer",
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  "presentationDate": "2026-01-18 00:00:00",
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  "notes": "The slide uses quantitative evidence (NAV per share, stock price increases) to argue that the current offer price is insufficient.",
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      "text": "このような状況に照らせば、本改定後 TOB は明らかに不適切です。",
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      "text": "公開買付価格を18,600円とする提案に対して、豊田自動織機は依然として価格水準から乖離があり、少数株主保護の観点からも大きな引上げが必要であると回答。",
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      "text": "豊田自動織機が保有する上場会社株式の価値が大幅に上昇（40%超上昇、1株あたり5,720円増加）。\n豊田自動織機の核心事業に対する市場評価が上昇（KION Group AGの株価が50%超上昇）。\n豊田自動織機が着実なキャッシュ創出を実現。",
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      "text": "NAV per share: ¥26,134",
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      "text": "当初TOBが予告されて以降、豊田自動織機の本源的価値は大きく上昇しています。当社は2026年1月16日時点のNAVを1株あたり26,134円と分析しています。当初TOB以降、NAVは1株あたり5,438円上昇していますが、本改定後TOBによる価格引上げは1株あたり2,500円にとどまっています。",
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      "text": "このような状況に照らせば、本改定後TOBは明らかに不適切です。当初TOB以降に生じた価値上昇について、少数株主は何ら配分を受けられていません。",
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      "kind": "quote",
      "text": "「依然として、当該価格は当社取締役会及び本特別委員会が想定する価格水準から乖離があり、少数株主保護の観点からも本公開買付価格の大きな引上げが必要であること」 — 豊田自動織機 (2026年1月9日付回答)",
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      "text": "5 豊田自動織機が採用を予定している、発行体による自己株式取得を通じた持合株式解消ストラクチャーにおけるみなし配当課税の取扱いにより、同社が保有する比較的大規模の大きい持合株式から生じる税務上の恩恵を反映した税率に基づきます。",
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      "text": "過小評価はさらに拡大している",
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