Shares of Toyota Industries surged to a fresh all-time high of 19,160 yen on Thursday, exceeding the revised tender offer price of 18,800 yen per share. The 6.3% jump reflects growing investor optimism that Toyota Motor may further increase its bid for the forklift and industrial equipment maker. Trading volumes were notably elevated, with over 4 million shares changing hands, more than double the 30-day average.

On Wednesday evening, Toyota Motor announced it had raised its offer for the 100% takeover of Toyota Industries from 16,300 yen to 18,800 yen per share, valuing the deal at more than $35 billion. This represents a 15% premium over the original bid made in June 2025 and follows Toyota Industries’ request for a higher price last December. The revised proposal includes 1 billion yen contributed directly by chairman Akio Toyoda and approximately 700 billion yen allocated to non-voting preferred shares.

Independent advisers set a valuation range for Toyota Industries at 17,200–20,400 yen per share. Arun George, a global equity research analyst at SmartKarma, noted that the current offer remains below the midpoint of that range, suggesting the company could still be undervalued. Toyota Industries, which manufactures forklifts, engines, electronic components and stamping dies, reported fiscal 2025 operating profit of 255 billion yen, up 12% year-on-year, bolstering arguments for a higher takeover price.